After the fallout of FTX, the crypto community sentiments turn bearish.
Several Crypto leaders and CEOs believe the market will rebound soon.
Binance CEO CZ is highly optimistic about the future of Web3/Crypto.
Just a few years ago, hardly anyone understood anything about the world of Web 3 and cryptocurrency.
However, cryptocurrency is becoming commonplace, with more and more people hopping on board in an attempt to make a fortune.
As per CoinGabbar findings, there are more than 1 billion people worldwide that use cryptocurrencies. In addition, over 18,000 companies have opted to accept cryptocurrencies as payment for their product or service.
Recently, Binance CEO, CZ tweeted regarding the future of Web3 & cryptocurrency. He tweeted “In a few years, 8 billion individuals will be using cryptocurrency.” However, the tweet sparked a community debate about how Binance CEO is so confident about Web3 and Crypto's future despite a prolonged crypto winter.
What makes CZ so optimistic regarding the future of Crypto?
This year has witnessed significant ups and downs as a result of two big incidents: the Terra Luna crash and the FTX crash. And one thing that we all understand is that such failures leave a visible impact on the crypto market. As a result of the significant exposure to the failed crypto company, many other companies have to suffer as well.
However, several prominent crypto leaders remain bullish on the future of cryptocurrency. Binance CEO, CZ is one such well-known figure who has high hopes with the future generation in terms of crypto. He had proposed numerous efforts to aid the cryptocurrency market's recovery. Earlier, Binance offered a proposal to acquire the now-bankrupt FTX and assist its users and the crypto market in mitigating its cascading impacts. But the acquisition deal fell through due to some serious concerns and also because of a US probe against FTX.
Binance's CEO also launched an Industry recovery fund on November 14 to assist potentially strong projects that are experiencing liquidity issues. Binance previously tweeted, "Let's start from the beginning." On November 15, CZ had an AMA session on Twitter, in which he encouraged Binance users to be hopeful about the future of cryptocurrency. He also anticipated that the market would soon rebound following the end of the long-running crypto winter.
Recalling the previous bear market, which began in January 2018 and lasted over three years till December 2020, this is only the beginning of the extended crypto winter, or will Binance's predictions about the future of cryptocurrency come true?
What’s next?
Binance's viewpoints are quite similar to those expressed in a February report by Wells Fargo Investment Institute, the research division of Wells Fargo Wealth and Investment Management. As per the report, “worldwide crypto adoption will soon hit a hyperinflationary level.”
One thing is certain, no matter what Web3/Crypto adoption is increasing rapidly year after year. Once the crypto winter has passed, the adoption of these developing technologies will recover its regular pace.
What do you think about the timeframe of the ongoing bear market? Will it stay a bit longer or will it recover soon? Share your views in the comment section below.
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