Changpeng Zhao says Bitcoin has been oversold

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Changpeng Zhao
James Radecki, Global BD Head, Cumberland (Right) gifts Binance CEO & Founder Changpeng Zhao a jersey on stage at Binance Blockchain Week. (Image: twitter.com/EventBinance)

The Founder and CEO of Binance, Changpeng Zhao, has today revealed he believes the cryptocurrency market is undervalued.

Speaking at the Binance Blockchain Week event in Singapore, Changing Zhao, reflected on the meteoric rise in crypto prices late in 2017.

“I believe… at the end of 2017 there was definitely an overshoot on the price side… There was a lot of guys rushing in, very simple projects with very simple whitepapers,” said Mr Zhao.

“Then of course as everybody rushed in…once that massive rush-in finishes the price declines.”


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But he now believes the current bear market has extended beyond reasonable levels.

“We’ve been in a bear market for a very long stretch, probably the longest in history for Bitcoin right now.”

“I think right now my personal view is that we are actually overshooting on the lower side now.

“There’s more people in the industry, there’s more people working in the industry, there’s more people attending conferences, there’s more conferences going on.

“The builders are building, we are seeing a lot more development in the space, so I actually think that we’re probably overshooting on the lower side, but again I could be wrong, this is mass technology.

“I don’t look at the price”

Despite giving the Binance Blockchain Week audience an insight into his thoughts on the cryptocurrency market, the Binance boss revealed he rarely checks prices.

Changpeng Zhao
Packed conference room listens to Changpeng Zhao speak with James Radecki. (Image: twitter.com/EventBinance)

“What’s very comfortable for me is I actually don’t look at the price at all, I can go on for weeks without looking at the price,” he said.

“Usually somebody tells me about price movement and I take a look… What we do is we focus on building.

“I’m very, very confident that this space will get so much bigger, we just got to be prepared for when that happens.

Binance Charity announcement

Changpeng Zhao told the conference his charity, The Blockchain Charity Foundation has successfully implemented a number of programs throughout Africa.

“There’s two goals… Number one is to spread cryptocurrency but I think more importantly than just donating cryptocurrency to other people, is actually in the process, we will be educating people about cryptocurrency.”

Mr Zhao announced a new initiative in which the charity would feed one child in Africa lunch for a month, for every one Binance Coin (BNB) donated.

“Today for one BNB, you can feed a child in Africa for a month, for one BNB!” Mr Zhao told the conference.

James Radecki, Global BD Head of crypto trading firm Cumberland, was on stage with Mr Zhao.

Mr Radecki agreed to match all Binance Coin donations received from the Binance Blockchain Week crowd.

The Binance Blockchain Week event in Singapore runs from January 19 – 22.

A Micky News video has confirmed the identity of the economic analyst who claims Russia will soon invest $10 Billion worth of its reserves in Bitcoin. Watch it here.