Binance CEO Changpeng Zhao says bitcoin will eventually break out of the $ 9000 - $ 9500 corridor, although it is holding steady.
On July 19, speaking with Bloomberg Daybreak: Asia, Zhao commented on the cryptocurrency's record-low volatility in the past few weeks, when the coin has been relatively stable in the specified range.
“Sooner or later, Bitcoin will break out of this range. So far, he is holding steady. People call these coins stablecoins,” Zhao said.
The CEO of Binance also noted that bitcoin so far shows a strong correlation with traditional markets, not meeting the expectations of many investors.
“The stock market is probably a thousand times bigger than the cryptocurrency market. When there is a correlation [with the stock market], people lose a lot of money. Many cryptocurrency owners want to convert their investments into fiat money."
But at the same time, Zhao says that in the long term, "the properties of a safe haven bitcoin will manifest."