Founder and CEO of the world's largest cryptocurrency exchanges Binance Chanpen Zhao believes that bitcoin is in an advantageous position in comparison with last year, despite a 70% correction in January.
In 2017, the price of bitcoin rose from $890 to $20 000, which is more than 2150%. And compared to the middle of summer 2017, the trading volume increased almost five times, which indicates an increasing popularization of the cryptocurrency as an emerging asset class.
In a recent interview, CEO of Binance said that the cryptocurrency market is demonstrating its development compared to last year. This growth is clearly visible in terms of infrastructure development, price, trading volume and increased interest in the industry as a whole.
"I just checked, a year ago, 1 BTC was worth $2500, and today it is $ 6800. The trading volume was $780 million, and today- $ 3.4 billion. Good growth, keep it up!"said Zhao Chanpen.
In the summer of 2017, the cryptocurrency market "did not have the proper infrastructure for both retail and institutional investors." Today, the market operates a platform for institutional investors Coinbase Custody, which allows hedge funds and other traditional organizations to buy assets worth millions of dollars. The largest banks and financial institutions around the world (JPMorgan, Goldman Sachs and others), publicly declare that they will contribute to the growing demand for cryptocurrency in the traditional financial sector. The very same exchange Binance, a year ago closed the investment round for $15 million, this year expects an increase in profits to $ 1 billion.
Earlier, the result of a study by a group of crypto-enthusiasts who read that bitcoin can rise to $35,000 along with the launch of tradable funds (ETFs) was published.
The well-known bitcoin pioneer and former CEO of the first Chinese cryptocurrency exchange BTCC Bobby Lee made an optimistic forecast. He believes that bitcoin is waiting for a bright future despite all the difficulties that he is experiencing now.