Changpeng Zhao, the CEO of Binance, one of the largest and most popular exchanges in the market, is bullish about Bitcoin (BTC). On Twitter, he wrote that it doesn’t feel for him that Bitcoin will stay close to $9,000 for a long period of time. This comes after fake news reporting that Binance was hacked by almost 20.000 BTC.
Binance CEO Remains Bullish About Bitcoin
During the first six weeks of 2020, the cryptocurrency market turned bullish after a 2018 and 2019 that were generally bearish. This situation in the market has generated enthusiasm among the community that is now waiting for new all-time highs or bullish action not only in Bitcoin but also in other altcoin markets.
There are many reasons why traders should be bullish about Bitcoin surpassing $9,000 once again. One of the main things is related to the fact that Bitcoin will be experiencing a halving event as soon as in May 2020. This could eventually push the price of Bitcoin and other altcoins higher in the future.
Miners that process transactions on the Bitcoin network would be receiving just 6.25 BTC per block, a 50% reduction from the current 12.5 BTC received nowadays. If demand increases, then, the price should reflect that.
At the same time, both India and South Korea have provided great positive news about crypto activities in these two jurisdictions. India’s Supreme Court decided to lift the cryptocurrency ban that was imposed by the Reserve Bank of India. This would help companies that left the market or that were not operating to start offering services in the country.
Meanwhile, South Korea has legalized cryptocurrencies in the nation. That means that local businesses will have to ask for permission to operate through official registration with authorities.
Binance CEO remains very bullish about the crypto market despite the recent price decrease experienced by Bitcoin (since February 15) and the fake news that spread about Binance being hacked. Cryptocurrency exchanges have been hacked in the past, affecting a large number of users. If that happens, it tends to be very bearish for the industry and the whole market.
The user that started to spread fake news about this issue was the Twitter account @bitbillyy, who is now suspended by Twitter after being reported by a large number of users in the popular social media network. At the time of writing this article, Bitcoin is being traded around $9,120.