By Solomon Odunayo
The CEO of Binance CZ (Changpeng Zhao) has recently solicited the view of cryptocurrency enthusiasts regarding the extent to which Bitcoin (BTC) could rise in the next financial crisis.
This question followed the estimation of the percentage increase (9,000,000%) of Bitcoin in the past 10 years when fiats and stocks were doing perfectly well.
Historically, Bitcoin (BTC), the first and largest cryptocurrency was created after the last financial crisis that occurred in 2008.
And it was specifically designed by the anonymous Satoshi Nakamoto to serve as a safe haven during the financial crisis. BTC started like a commodity without value, but the digital currency has since risen to prominence.
After Bitcoin emerged, tons of digital currencies also came to limelight. All of them with separate power and use cases conjoined for the disruption of the global financial system.
However, Bitcoin still stands tall amidst over 2,000 digital currencies in the crypto market. Other cryptocurrencies often replicate the price trend of BTC due to its market dominance.
Its outstanding performance when compared to conventional commodities such as Gold made it the best performing asset in the last decade.
Even with literal close look without calculation, one could easily concur that Bitcoin outperformed other assets, in terms of price increase in the last 10 years if its steady growth since inception, is put into consideration.
BTC is now priced around $8,500 price region. Bitcoin halving is fast approaching. Many crypto enthusiasts expect history to repeat itself.
Despite the fact that Bitcoin Halving is close by, the digital currency is still experiencing price growth reluctance. A lot of Bitcoiners expect a better price situation for the digital currency than this.
At the time of writing, BTC is trading at $8,758.03, with a 1.58% price upsurge in the last 24 hours.
CZ Binance Quantifies the Possibility of Bitcoin Leveraging the Next Financial Crisis
The CEO of Binance, who is also a stern fan of Bitcoin recently asked for the view of the Crypto Twitter about the possibility of BTC replicating its last decade’s performance.
According to his estimation, Bitcoin has risen by 9,000,000% in the last 10 years. So, with a looming financial crisis, CZ thinks BTC could leverage the possible occurrence for another decade of a significant price increase.
He shared this, “Bitcoin was created after the last financial crisis. It has risen 9,000,000% in the last 10 years when fiat and stocks were strong. How do you think it will do in the next financial crisis?”
#Bitcoin was created after the last financial crisis. It has risen 9,000,000% in the last 10 years when fiat and stocks were strong. How do you think it will do in the next financial crisis?
— CZ 🔶 Binance (@cz_binance) March 1, 2020
This attracted lots of responses and reactions. In a nutshell, the majority of the Bitcoiners that responded believe Bitcoin will continue to rise and could repeat the same surging trend of the last decade. While others such as XRP enthusiasts came up with contrary opinions.