Binance CEO Changpeng Zhao recently shared his forecast for the next Bitcoin bull run during a Twitter Space session on July 5. While acknowledging that he cannot predict the future, Zhao highlighted the upcoming Bitcoin halving event in 2024 and suggested that 2025 is the most likely year for the next bull market. He stated, ‘The year after Bitcoin halving is usually the bull year.’
Zhao also addressed concerns about BlackRock’s entry into the spot Bitcoin ETF arena, expressing his support for the move and calling it ‘hugely beneficial’ for the crypto industry. Despite concerns that traditional financial firms entering the space may contradict Bitcoin’s decentralized nature, Zhao downplayed potential competition with Binance, noting minimal overlap in their respective customer bases. He emphasized that newcomers to the crypto industry would bring additional users and acknowledged that there might be some competition for existing users but stated that Binance’s user base remains largely unaffected.
Increased institutional interest and the upcoming Bitcoin halving were cited by Zhao as the main reasons why Binance is preparing for higher trading volumes over the next eighteen months. His comments coincided with BlackRock CEO Larry Fink’s positive remarks about Bitcoin as an ‘international asset,’ suggesting its potential as a hedge against inflation and the devaluation of fiat currencies.
During the Twitter Space session, Zhao briefly touched on the regulatory action against Binance, stating that he is seeking the most expedient and mutually agreeable solution possible, without providing specific details.