Zhao, founder of Binance think that Bitcoin is still in a good position

Changpeng Zhao the CEO of Binance believes that Bitcoin is in a good position. His optimism despite the loss of 70% in value is based on the comparison with the return of the currency in 2017.

Bitcoin increased in value by 2150% in 2017, from $ 890 in January to $ 20,000 in December. It was the year when the price of money rose more than any other since 2008, when it was invented. Bitcoin became an important cryptographic asset in mid-2017, appearing in the news almost daily due to an increase in demand.

Zhao, in an interview with Bianca Cheng, cryptocurrency researcher and journalist in Zug, Switzerland, said that the currency performed well compared to last year in terms of infrastructure, volume operations and consumer acceptance. "I just checked, the price of the BTC was $ 2,500 a year ago, today $ 6,800." BTC's trading volume was 780 million a year ago, today it is $ 3.4 billion Bitcoin is quoted at $ 6,198 at the time of this report, despite several efforts to break the $ 6,800 barrier, which, according to the terms "width =" 960 "height =" 678 "srcset =" https://www.crypto-economy.net/wp-content/uploads/2018/07/BINANCE-TRADING.jpg 960w, https://www.crypto-economy.net/wp-content/uploads /2018/07/BINANCE-TRADING-300×212.jpg 300w, https://www.crypto-economy.net/wp-content/uploads/2018/07/BINANCE-TRADING-768×542.jpg 768w, https: // www .crypto-economy.net / wp-content / uploads / 2018/07 / BINANCE-TRADING-100×70.jpg 100w, https://www.crypto-economy.net/wp-content/uploads/2018/07/BINANCE- TRADING-696×492.jpg 696w, https://www.crypto-economy.net/wp-content/uploads/2018/07/BINANCE-TRADING-595×420.jpg 595w "sizes =" (max-width: 960px) 100vw, 960px "/>

Analysts sound t an important point of resistance. However, Zhao believes that the currency has proved its effectiveness, making this claim a performance base compared to the same period last year.

Mid-2017, there was no institutional infrastructure for Bitcoin investment, but with the entry of guard services major investors see the potential on the market. With this development, it has become clear that over time, millions of dollars in investment will flow into the currency market of hedge funds, pension funds and other institutional investors.

Although banks have traditionally been hostile to digital currencies, many of them, such as JP Morgan, Morgan Stanley and Goldman Sachs, have shown interest in encryption because of the demand of their customers. Goldman Sachs already has a Bitcoin trading office. It seems that the only restriction that these banks must fully involve in the currency market is the regulatory uncertainties, which, if approved, would see the currency market led by financial institutions.

At the New York Economic Club Conference Lloyd Blankfein, CEO of Goldman Sachs, said that while the notes issued by the government could dominate the financial system for so long, it makes sense to deduce from it that consensual pieces can also emerge as a means of exchange. Blankfein, is one of the influential players in the financial market who has shown a tacit support for the invention, even if, according to him, he hardly understands the digital tokens.

Binance has an excellent year. In an interview with Bloomberg, Zhao said the company was expecting profits of between $ 500 and $ 1 billion this year, so it's not particularly surprising that she thinks that Bitcoin has excellent prospects.