Binance CEO, CZ or Changpeng Zhao had a lot to say about what drives crypto adoption. He thinks that BTC has a strong support level of close to $20,000 and that crypto will be adopted by most. The catalyst for adoption is the macroeconomic environment.
He says that it is difficult for most to predict what the market will do and whether BTC will move up or down. The $20,000 level is a good zone because of the psychological impact and market cycles. He also said that no one forecasted how NFTs and DeFi would perform, and they did drive the recent bull run. He also said the bulls propelled the ICO boom. 2017 high is now the new low for the bull’s retreat and they will bounce back higher.
CZ also said that the crypto market has evolved and grown significantly since its inception. It is not easy to predict which sector will propel the next bull run. The crypto industry has shown significant growth across every industry sector, and it is headed in the right and positive direction.
He also said that regulation is shaping up properly in every country and many are setting up and adopting regulatory frameworks. This is a good move as there are fewer outright bans on BTC and other cryptos. Such developments are key to industry growth and can buoy prices. According to him, there are a lot of other macro factors like inflation and recession which are considered drivers of the next bull run. Thanks to the interest hike by the Feds, BTC rose to $24,000 on Thursday last week.