The Binance boss prefers to look at the positives of a prolonged downturn, including hiring the best workers and acquiring businesses at low prices.
Speaking to Fortune, Binance CEO Changpeng Zhao (CZ) shared his thoughts on the crypto winter and said he expects it to be long.
However, he added that as losses and platform shutdowns pile up, he prefers to focus on the positives of a market downturn. CZ said:
“I’m not arguing that it’s disastrous. It’s bad.
But when this disaster occurs, there are also opportunities.”
Crippling crypto outflows are sinking token valuations.
Since the November 2021 market peak, over $2 trillion in capital has flowed out of the crypto space, which represents a 70% drop in total valuations.
Bitcoin, which is down 56% year-to-date, is near the top of the 2017 bull market at $20,000. According to Glassnode analysis, BTC is expected to drop 64% from this support, which would give a floor price of around $7,500.
During this time, @WatcherGuru tweeted that nearly three-quarters of the top 100 projects are down more than 90% from ATHs at current prices.
FUN FACT: 72 of the top 100 #crypto by market cap are more than 90% down from their all-time highs.
—Watcher.Guru (@WatcherGuru) June 17, 2022
According to CZ, the outlook is bleak, but there is an opportunity in this crisis. According to him, the situation is favorable for the integration of the best talents and the acquisition of leading companies at very low prices.
CZ sees opportunity in the gloom
CZ overshadowed the competition by tweeting that Binance was looking to fill 2,000 vacancies within the company. Elaborating further, he said he wanted to complete hiring by the end of the year, which would bring his workforce to 8,000 people.
Many cryptocurrency exchanges, including Coinbase, Gemini, and Crypto.com, recently announced staff cuts to deal with tough market conditions.
However, by keeping tight control over ad spend, CZ hinted that Binance is in a strong cash position and can hire when others are cutting back.
As the cryptocurrency winter rages on, CZ described the situation as a slaughter necessary, in which the weak projects die, leaving only the strong ones, which will flourish when the good times return.
“Although it is painful for many people, it weeds out the weak projects, and only the strong ones remain.
All those who last, who survive, will be stronger”.
As for when that will happen, the Binance boss thinks the downturn could last around four years, bringing us to 2026.
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