Changpeng Zhao spoke about the past and future of crypto during the Binance Blockchain Week in Singapore.
The Binance CEO addressed the hugely successful 2017 and the nightmarish 2018 for the crypto space.
The crypto market is undervalued at the moment
Zhao also stated that the crypto market is currently undervalued and many tokens are oversold.
He said that back in 2017 when the surge in prices was immense, this led to the overbought conditions.
According to Zhao, this explosion in the market led to more and more people and projects entering the crypto space and then the prices started falling in 2018.
“I believe… at the end of 2017, there was definitely an overshoot on the price side… There was a lot of guys rushing in, very simple projects with very simple whitepapers. […] Then of course as everybody rushed in…once that massive rush-in finishes the price declines,” he said.
2018, the most nightmarish year for digital assets so far
2018 was the most horrible year that cryptos have experienced by now, according to Zhao.
“We’ve been in a bear market for a very long stretch, probably the longest in history for Bitcoin right now […] I think right now my personal view is that we are actually overshooting on the lower side now, Binance CEO said, as reported via Investinblockchain.
CZ also said that he’s not usually concerned with the prices in the crypto market because there are more important issues to keep an eye on such as the developments made by the companies behind the tokens.
Zhao foresees a bright future for the crypto space: “I’m very, very confident that this space will get so much bigger, we just got to be prepared for when that happens.”
More important crypto voices have flaunted their positive predictions for 2019 by now.
Phillip Nunn crypto expert predicted a while ago that BTC’s price would fall as low as $6,000 and then rise to $60,000.
Despite the negative trend in the crypto market, Nunn stands by his prediction and insists that Bitcoin will be driven by the blockchain to a totally new level.