Changpeng Zhao, founder and CEO of Binance, said investors would have been “very happy” four years ago had they known that Bitcoin was trading at $20,0000 in 2022. Zhao’s comment comes as Bitcoin dropped below that level at the weekend, wiping out the gains of many long-term Bitcoin holders.

Speaking to the Guardian, Zhao said, “I think given this price drop, from the all-time high of 68k to 20k now, it will probably take a while to get back. It probably will take a few months or a couple of years.”

“20k we think is very low today. But you know, in 2018, 2019, if you told people bitcoin will be 20k in 2022, they would be very happy. In 2018/19, bitcoin was $3,000, $6,000,” he added.

According to CoinDesk, Wednesday saw Bitcoin trading at $20,491 after reaching lows not seen since late 2020 at the weekend.