Changpeng “CZ” Zhao, current Head of crypto exchange Binance, offered his perspective regarding the importance for crypto initiatives to carry on with their growth despite bearish movements across the market.

Specifically, CZ reportedly made his remarks during his speech at a live panel taking place at the Web Summit in Lisbon. 

“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.”

He shared a belief that the current time offers assistance via simplification for the process of hunting and growing talent. He further referred to the plummets in project valuations. 

“A year ago, every project with a test product or six-page white papers was worth $100 million. Currently, the valuation is very reasonable.”

Per CZ’s explanation, a combination of reduced labor costs as well as a decrease in expensive initiatives has established an ideal environment for corporate acquisition and consolidation. 

“For example, a year ago, everybody wanted to sell a nonfungible token; but now, only the strongest of projects are doing it, so the selection is actually much better.”

Regarding the potential outcome for current bearish actions throughout the market, CZ reportedly shared that crypto market cycles normally run for four years, with one year of falling prices, two years of recovery and a final year of rising prices. 

The Binance executive and blockchain individual additionally reiterated his belief in the long-term potential of crypto, stating that “We’re very long-term investors. So, we anticipate to be involved in the space for the next 10, 50 or 100 years.”