- Binance ex-Chief of Strategy Gin Chao said that now is a good time to establish a crypto portfolio.
- According to Chao, the current crypto winter is part of a cycle that repeats itself every 18-24 months.
- Bitcoin mining firms are alleged to be capitulating en masse.
Gin Chao, Binance’s former Chief of Strategy, announced in an interview with Forkast News that now is a good time to establish one’s crypto position.
According to the interview, Chao believes that the current market sentiment is akin to the bear market of 2018 to 2019. He said:
“At a very macro level, this cycle that we’re entering — depending on how you start the clock — we’re about one to two quarters into what I call the fifth sort of major cycle. This is very similar to mid-2018, late 2018, into late 2019.”
Chao’s statements came from his experience in Binance. Specifically, he said that some of their most successful investments at Binance Labs came from the previous crypto winter. Furthermore, he assured that the current crypto winter is part of a cycle that repeats itself every 18 to 24 months.
At the moment, Chao is affiliated with CVP NoLimit Holdings, a venture capital fund that he co-founded.
Meanwhile, Binance CEO Changpeng Zhao posted a cryptic tweet with a blank, which others have assumed to have meant ‘bottom’.
While predicting the bottom is impossible unless done in retrospect, a number of indicators similar to the previous crypto winters have appeared.
Firstly, there is a massive capitulation happening among crypto miners, including publicly listed mining firms. Secondly, people have started noticing that high-capitalization cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) are being taken off exchanges.
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