Changpeng Zhao, the CEO of Binance and a recognized figure in the cryptocurrency market, wrote on Twitter that there are 1.4 billion individuals that would help Bitcoin (BTC) reach $16,000 very soon.
China has recently decided to embrace blockchain and push for distributed ledger technology (DLT) adoption.
1.4 Billion People (China?) Are Working On Bitcoin To Reach $16k
A few hours ago, Changpeng Zhao wrote a tweet in which he says that price predictions are easy to make. However, he explained it is hard to be right about the timing.
Many times before analysts predicted Bitcoin to fall or surge but the most difficult thing to do is to know when that would happen.
Changpeng Zhao made reference to China being a catalyst for the next Bitcoin bull run. He said that there are 1.4 billion people working on it as we speak.
A few days ago, Chinese President Xi Jinping promoted blockchain and called it a breakthrough technology that the country should embrace.
This triggered a price reaction that allowed Bitcoin to move to over $10,500 from $7,500 in just a few minutes. This was the largest price increase in just a day in years, which renewed the bullish sentiment among market participants.
Lol, price predictions are easy. It's just hard to be right about the timing. We will see $16k soon-ish. 1.4 billion people working on it as we speak. https://t.co/mf9hKpP6Js
— CZ Binance (@cz_binance) November 1, 2019
Binance is a cryptocurrency exchange that is expanding its services in the market and it’s moving forward with different projects and initiatives.
The company created a blockchain network that allows projects to work on top of it and it has also added new fiat on-ramps that would definitely help users enter the market during the next bull run.
This is very important. In the last bull market that allowed Bitcoin to reach $20,000, many users were not able to have access to the market due to the limited solutions there were for them to purchase Bitcoin and other cryptocurrencies.
Things are changing and this could have a larger impact on the price of Bitcoin. Moreover, China is playing a very important role in the industry.
According to some reports, China is starting to legalize cryptocurrency exchanges. According to the Chinese blockchain enthusiast Crypto Even, the government is already offering cryptocurrency trading licenses.
If China legalizes spot trading activities in its territory, things could turn very bullish for the whole cryptocurrency market in the coming months. Given that Bitcoin will also be halving in May 2020, the whole market is getting very bullish about the future of the most popular and leading cryptocurrency in the market.