Zhao Changpeng: The current retracement is still a normal four-year cycle, and the fundamentals of the industry have been significantly enhanced than before

On June 20, Zhao Changpeng said in an exclusive interview with Galaxy Research Director Alex Thorn on the GalaxyBrains podcast that the current retreat of the crypto market is still within the normal four-year cycle. About 50% of the retreat in this round is not uncommon. There have been 80% retractions in the historical cycle. It believes that if measured against cyclical lows, bitcoin prices are still about five times higher than four years ago, and the lows in each cycle are higher than the lows in the previous cycle. He said that he has always adhered to long-term doctrine and "encryption has not quit for me." Zhao Changpeng also pointed out that the biggest difference between this cycle and 2018 and 2022 is the significant change in the U.S. government's attitude towards the encryption industry. The United States has previously adopted a repressive attitude towards the industry, but is currently actively promoting the construction of a crypto regulatory framework and leading other countries to follow suit. In addition, the admission of ETFs, stablecoins, RWAs and more institutional funds also shows that the fundamentals of the industry have improved significantly compared with the past.