CZ Talks On Bitcoins Volatility Commenting On Its Recent Stable State
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The chief executive officer of the Binance crypto platform, CZ has recently spoken on the stability of the leading cryptocurrency but went on to add that he isn’t confident on what will cause bitcoin to spark in price.
Speaking in an interview last weekend on the 19th of July with Bloomberg daybreak, CZ made a comment on the record low volatility of bitcoin.
“I think sooner or later it’s going to break out,” CZ said. “But right now Bitcoin has been really stable. People have been calling it a stablecoin now.”
The CEO further added that bitcoin was too correlated with traditional markets to be the Safehaven asset that many traders and investors hoped that it would be in the future.
He further added:
“The stock market is probably a thousand times bigger than the crypto market. When that goes down, and a lot of people are losing a lot of money, many of those people who have crypto investments will want to convert those investments into cash.”