Changpeng "CZ" Zhao, CEO of the largest crypto exchange Binance, has predicted the arrival of another Bitcoin bull market. In his tweet on July 5, he noted that Bitcoin price traditionally moves in four-year cycles and anticipates this trend to continue. Zhao pointed to the planned halving of Bitcoin rewards in 2024 and predicted 2025 as the most likely time for the next bull market.
Zhao is not apprehensive about the recent entry of asset management company BlackRock into the realm of Bitcoin ETFs. He claims it is "very beneficial" for the crypto industry and welcomed the arrival of the new player. Despite many in the crypto field expressing concerns that traditional financial companies' intentions are at odds with the ethos of Bitcoin as a decentralized currency network, Zhao dismisses these concerns.
Despite ongoing regulatory actions against Binance, Zhao insists that the company is seeking the "fastest, most sensible, and mutually acceptable solution." Zhao's comments come just hours after BlackRock CEO, Larry Fink, described Bitcoin as an "international asset," and suggested it could be used as a hedge against inflation and the devaluation of some fiat currencies.
Larry Fink, CEO of BlackRock: "Bitcoin is an international asset"
Larry Fink, the CEO of BlackRock, the world's largest asset management company, who previously dubbed Bitcoin as an "index of money laundering," now holds a diametrically different view. In an interview with Fox Business, Fink stated that Bitcoin could be viewed as the "digitization of gold," which could contribute to the democratization of the financial world. His changed stance might influence regulatory bodies dealing with direct Bitcoin ETFs.
Fink also suggested that Bitcoin could provide investors an alternative in case of inflation or the devaluation of fiat currencies. As the CEO of a company with assets worth more than 9 trillion dollars, his newfound stance on Bitcoin could have a profound impact on the market.
Under his leadership, BlackRock attempted to launch a Bitcoin ETF in partnership with Coinbase exchange. While it remains unclear whether the SEC will approve this investment instrument, such an initiative could significantly affect the overall situation in the cryptocurrency industry.
U.S. presidential candidate, Robert F. Kennedy Jr., invests in Bitcoin after Miami conference
Despite his previous remarks, Robert F. Kennedy Jr., a candidate for the United States presidency, has admitted to owning Bitcoin. According to records obtained by CNBC, Kennedy Jr. owned Bitcoin worth between $100,001 and $250,000 by the end of June. The investment was made after his speech at the Bitcoin 2023 conference in May, where he announced that his campaign would be the first in U.S. history to accept donations in Bitcoin.
Preparing for a presidential race against Joe Biden, Kennedy Jr. is deliberately targeting the cryptocurrency community in his campaign. In a May 3rd tweet, he expressed his belief in the importance of cryptocurrencies as a major driver of innovation, and labelled it as a mistake for the U.S. government to inhibit the growth of this industry, consequently pushing innovation beyond its borders.
Support for Kennedy Jr. comes at a pivotal time for the American cryptocurrency industry, as the Securities and Exchange Commission (SEC) has begun tightening regulations on cryptocurrency enterprises in the U.S. Among his notable supporters is Jack Dorsey, the founder of Twitter and CEO of Block, who expressed his belief in a tweet that Kennedy Jr. can defeat his competitors.