Bitcoin could take years to recover from monumental crash, Binance head says

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‘It probably will take a few months or a couple of years,’ Changpeng Zhao said, but ‘no one can predict the future’

Bitcoin may not break its high of $69,000 for years after the recent market crashes, the head of Binance has said.

Changpeng Zhao, the founder of the largest cryptocurrency exchange, made the prediction to The Guardian after more than $2 trillion was wiped from the overall cryptocurrency market.

Cryptocurrencies started plummeting when Terra’s UST stablecoin lost its peg to the dollar and caused its sister coin Luna to plummet by more than 99 per cent in value. The Celsius cryptocurrency then dropped, with others being brought down with it.

“I think given this price drop, from the all-time high of 68k to 20k now, it will probably take a while to get back. It probably will take a few months or a couple of years,” Mr Zhao said, but adding that “no one can predict the future”.

Bitcoin is currently trading at $20,490, a price that is thought to be “very low today”, Mr Zhao said. “But you know, in 2018, 2019, if you told people bitcoin will be 20k in 2022, they would be very happy. In 2018-19, bitcoin was $3,000, $6,000.”

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