Crypto Executive: Lower Labor Costs, Business Acquisition Costs Important
The crypto executive states that lower labor costs and business acquisition costs are important factors.
It is important for crypto projects to continue their development during a bear market, according to Binance CEO Changpeng Zhao. During a live panel at the Web Summit in Lisbon, CZ said that crypto projects need to keep moving forward during a bear market in order to succeed in the long run. He noted that many successful projects have been able to weather bear markets and come out stronger on the other side. CZ's remarks underscore the importance of crypto projects continuing to push forward during tough times.
"It's easier to hire talent in the bear market. A year ago, a college graduate knowing a little bit of Solidity programming cost a lot of money. The salaries just didn't make much sense to me, but now it's come down to very reasonable levels."
I believe that the current state of the market is due to the fact that it is easy to hire people and grow a company. This is because the cost of living has gone down and the economy is not doing well. The problem is that when people are looking for a job, they are not looking for a job that pays minimum wage. They are looking for a job that will help them pay their bills and live a comfortable life. The problem with the current market is that there are not enough jobs that pay a livable wage.
CZ's vision for the future of the cryptocurrency industry is one of consolidation and fewer players. He believes that the current environment of lower labor costs and fewer expensive projects is making it an ideal time for corporations to acquire and consolidate smaller players in the industry. This consolidation will result in a stronger overall industry, with only the strongest projects remaining.
It's good to see that CZ believes in the long-term potential of crypto, as this bear market has been tough on everyone. Hopefully his prediction that the market will recover in the next two years comes true, and we can all start making some money again!
A brief history of "#bitcoin crashed"...— CZ Binance (@cz_binance) November 2, 2022
2014, #bitcoin "crashed" to $200
2018, #bitcoin "crashed" to $3,000
2022, #bitcoin "crashed" to $20,000
2026, #bitcoin "crashed" to ... no idea.
Crypto is high-risk and highly volatile. Learn to manage your risks.
I believe that the market is close to turning around, but caution is still warranted. Historical data can't always be used to predict the future, so we need to be careful about making assumptions. However, there are more and more people trusting cryptocurrencies, which is a good sign. The industry has also grown a lot in recent years, so there are reasons to be optimistic.