Binance CEO calls the current crisis in the cryptocurrency market the best time for those who do not have cryptocurrency yet

The CEO of the cryptocurrency exchange Binance has called the current downturn in the cryptocurrency market a good time to buy bitcoin for the long term.

Changpeng Zhao said that traders with «extra» money should consider buying more bitcoin during a bear market. The Binance executive cited the example of MicroStrategy, which on June 29 purchased 480 BTC worth about $ 10 million. The head of MicroStrategy, Michael Saylor, continues to support bitcoin despite the fact that the company’s losses due to the market decline amounted to more than $ 1.2 billion.

Zhao also mentioned El Salvador’s President Nayiba Buchele, who recently purchased another 80 BTC for the state treasury. If traders can hold out during the current bearish trend in the market, their investments will multiply during the next trend, Zhao is sure: «Cryptocurrencies are not going anywhere. If you forecast the development of the industry for five, ten, or even twenty years, more and more applications will be developed, and more people will enter the industry in general.»