{"id":33932,"date":"2022-11-02T21:01:07","date_gmt":"2022-11-02T21:01:07","guid":{"rendered":"http:\/\/egrowonline.com\/?p=33932"},"modified":"2022-11-02T21:01:07","modified_gmt":"2022-11-02T21:01:07","slug":"cz-explains-why-its-so-important-to-be-building-during-the-bear-market","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=33932","title":{"rendered":"CZ explains why it’s so important to be building during the bear market"},"content":{"rendered":"


\n
<\/p>\n

\n

During a live panel at the Web Summit in Lisbon, Changpeng \u201cCZ\u201d Zhao, CEO of cryptocurrency exchange Binance, shared his viewpoint on why it\u2019s so important for crypto projects to continue their development in the bear market. As told by CZ:<\/p>\n

“It\u2019s easier to hire talent in the bear market. A year ago, a college graduate knowing a little bit of Solidity programming cost a lot of money. The salaries just didn\u2019t make much sense to me, but now it\u2019s come down to very reasonable levels.”<\/p><\/blockquote>\n

\u201cNow it\u2019s easy to hire people and grow,\u201d he said, while also pointing to the declines in project valuations: \u201cA year ago, every project with a test product or six-page white papers was worth $100 million. Currently, the valuation is very reasonable.\u201d<\/p>\n

CZ explained that a combination of lower labor costs and less expensive projects has made it an ideal environment for corporate acquisition and consolidation. \u201cFor example, a year ago, everybody wanted to sell a nonfungible token; but now, only the strongest of projects are doing it, so the selection is actually much better.\u201d<\/p>\n

As for a possible end to the bear market itself, CZ pointed out that crypto market cycles typically last four years, with one year of falling prices, two years of recovery and a final year of rising prices. The Binance executive and blockchain personality also reiterated that he believes in the long-term potential of crypto: \u201cWe\u2019re very long-term investors. So, we anticipate to be involved in the space for the next 10, 50 or 100 years.\u201d<\/p>\n

\n

A brief history of “#bitcoin<\/a> crashed”…<\/p>\n

2014, #bitcoin<\/a> “crashed” to $200
2018, #bitcoin<\/a> “crashed” to $3,000
2022, #bitcoin<\/a> “crashed” to $20,000
2026, #bitcoin<\/a> “crashed” to … no idea.<\/p>\n

Crypto is high-risk and highly volatile. Learn to manage your risks. <\/p>\n

\u2014 CZ Binance (@cz_binance) November 2, 2022<\/a><\/p><\/blockquote>\n

CZ also cited emerging signs of a market turnaround: \u201cRight now, there are exponentially more people now trusting crypto instead of not trusting them. In addition, the industry has grown tremendously over the last however many years.\u201d But he also cautioned against using historical evidence to make forward judgments, saying: \u201cWe are close to a year into this bear market, but I cannot predict the future because, at the end of the day, history doesn\u2019t predict the future.\u201d<\/p>\n<\/div>\n


\n
Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

During a live panel at the Web Summit in Lisbon, Changpeng \u201cCZ\u201d Zhao, CEO of cryptocurrency exchange Binance, shared his viewpoint on why it\u2019s so important for crypto projects to continue their development in the bear market. As told by CZ: “It\u2019s easier to hire talent in the bear market. A year ago, a college […]<\/p>\n","protected":false},"author":1,"featured_media":33933,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[38],"tags":[1251,479,1615,993,219],"class_list":["post-33932","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bear","tag-building","tag-explains","tag-important","tag-market"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/11\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvMzRhNTQ4OTQtYjhmYS00MWIwLWJlYWQtMWRmNmExYWI3YTAyLmpwZw.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/33932","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=33932"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/33932\/revisions"}],"predecessor-version":[{"id":33934,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/33932\/revisions\/33934"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/33933"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=33932"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=33932"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=33932"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}