Binance CEO Believes BTC Is Oversold

Binance CEO Believes BTC Is Oversold

2018 saw a lot of anticipated events take place where some key figures were guest speakers and so on. One of the first events of 2019 is the Binance Blockchain Week which is taking place in one of the most crypto-friendly places in the world, Singapore. With the event being led by Binance, the upstart’s C-suiters and foremost executives have made appearances at the conference, along with a subsequent ‘hackathon’.

Even though the talks form Binance’s Chief Financial Officer, Wei Zhou and his peers were greatly appreciated, the CEO of the exchange, Changpeng Zhao, himself sat down on the conference to give a keynote. As you would expect, Zhao is one of the crypto space’s biggest names and he did his best to prove why the industry is still on the rise and still relevant.

According to Ethereum World News, Zhao discussed the time of 2017’s humongous bull run and the persistent downtrend that followed it which is still continuing to this day. The Binance CEO highlighted that at the end of 2017, we saw Bitcoin “overshoot” itself, with asset valuations quickly becoming well-overextended. He noted a lot of the bull sentiment could be put down to the massive amount of hype and the fear of missing out on a massive opportunity that consumers experienced along with the mass of questionable projects.

A graduate from Princeton University in the US, Murad Mahmudov has got big dreams to launch a crypto-focused hedge fund and recently touched on the topic. Speaking with a former institutional investor Tone Vays, is now a hardcore Bitcoin fanatic. Mahmudov added on to Zhao’s comments by noting that a majority of altcoins including Ethereum, EOS, XRP were overvalued in 2017’s parabolic surge.

Mahmudov’s comments aside, Zhao purportedly went on to say that digital currencies are currently are being massively oversold and could be in for an eventful recovery. 

“Speaking in a keynote, the industry insider explained that the current bear market has been “overshot,” indicating that he believes assets have fallen too far from their peaks. Backing his claim, CZ, a former Bloomberg employee, noted that there’s more talent in this industry than ever before, adding that the growing number of bonafide conferences and blockchain events is comforting.”

What are your thoughts? Let us know what you think down below in the comments!

Investment Disclaimer
Related Topics: