Binance’s Changpeng Zhao: Bitcoin [BTC]’s price had definitely overshot in 2017

The founder and the Chief Executive Officer [CEO] of Binance, Changpeng Zhao, spoke at the Binance Blockchain Week event in Singapore about his belief that the cryptocurrency market is undervalued. Chanpeng Zhao or famously known as CZ, also reflected on the sudden rise in crypto prices in 2017, according to Micky.

CZ said:

“I believe… at the end of 2017 there was definitely an overshoot on the price side… There was a lot of guys rushing in, very simple projects with very simple whitepapers. Then of course, as everybody rushed in…once that massive rush-in finishes the price declines.”

However, CZ now believes that the bear market has extended beyond reasonable levels, and thinks that this is the longest of all bear markets in the history of Bitcoin [BTC].

CZ added supported his point by saying that in his personal view is that “we are actually overshooting on the lower side now”. The founder of Binance said that since there has been a lot of development in the cryptocurrency field, people are overshooting on the lower side, accepting the possibility that he could be wrong.

CZ informed his audience that he barely ever checks prices in the cryptocurrency market and that his main focus in on building his product. CZ expressed his faith in the market and said:

“I’m very, very confident that this space will get so much bigger; we just got to be prepared for when that happens.”

The CEO took the opportunity to talk about the Blockchain Charity Foundation, which has implemented a number of programs throughout Africa. He said:

“There’s two goals… Number one is to spread cryptocurrencies but I think something more important than just donating cryptocurrency to other people, is actually the process of educating people about cryptocurrencies.”

Zhao informed the audience about a new initiative which will enable them to feed lunch to one child in Africa with every Binance coin [BNB] donated. James Radecki, Global BD head of crypto trading firm Cumberland, agreed to match all donations in Binance coin [BNB] received from Binance.

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