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.”
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.
Getting started in a few minutes pic.twitter.com/KRJ8UYVvSf
— CZ Binance (@cz_binance) January 21, 2019
“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.
“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.
@cz_binance Just announced the @BinanceBCF #Binance Charity for children initiative! 1 $BNB feeds one child in Africa for lunch for a month. @JamesRadecki32 Has kindly offered to match any donations made from the crowd today! pic.twitter.com/AWDFoRtzXJ
— Binance Blockchain Event (@EventBinance) January 21, 2019
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.