Changpeng Zhao, Founder and CEO of global crypto exchange Binance said in the Binance Blockchain Week in Singapore that the cryptocurrency market is undervalued as many cryptos are oversold.
According to the people attending the conference, Zhao remembered that at the end of 2017, “there was definitely an overshoot on the price side” with “a lot of guys rushing in, very simple projects with very simple whitepapers.” Then of course as everybody rushed in,” but “once that massive rush-in finishes the price declines.”
However, Zhao now believes the crypto market is doing the opposite, but with the same violence and cryptocurrencies are now overshooting to the downside. “We have been in a bear market for a very long stretch, probably the longest in history for Bitcoin right now, Zhao highlighted. “I think right now my personal view is that we are actually overshooting on the lower side now.”
Zhao stated that cryptocurrencies are not just the only player in the Blockchain game and there are more people involved in the industry than before.
“The builders are building, we are seeing a lot more development in the space, so I actually think that we are probably overshooting on the lower side, but again I could be wrong, this is mass technology.”
Zhao is “very, very confident that this space will get so much bigger, we’ve just got to be prepared for when that happens.”
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