Binance chief Changpeng Zhao (CZ) said that the platform is conducting \”a major preparation\” for a period of heightened trading activity.
He believes this could happen in the next 6–18 months.
“Looking at historical patterns, we want to be ready for higher volumes,” he said.
The head of Binance said that activity on the market has already started to rise. In June, trading volume on centralized exchanges rose by 14.2%, reaching $2.71 trillion.
Zhao suggested that the next bull market could begin in 2025. One of the drivers of the rally will be Bitcoin’s halving, which is expected to occur around April 2024.
If the bear market drags on, the exchange will have no problems, according to the Binance CEO. Overall, he remains positive about the crypto industry.
“We are still at a very early stage. I think the market still has room to grow,” Zhao said.
CZ does not see a danger in the entry of big companies like BlackRock into the crypto market.
“Anyone coming to the crypto market attracts more people. Will such companies compete with us? Yes, probably. But, to be honest, look at our user base. The overlap is minimal,” Zhao said.
This month BlackRock together with other major companies filed applications to register a Bitcoin-ETF.
As reported on June 5, SEC filed a lawsuit against Binance and Changpeng Zhao. After that, Binance.US’s market share in the United States fell to its lowest level since December 2020.