Author: 137Labs
As the crypto market gradually cools and the narrative shifts toward long-term structures, the recent statements by Binance founder Changpeng Zhao provide a noteworthy perspective. This article does not focus on short-term price predictions but instead analyzes how he has shifted the discussion toward more macro variables such as cycles, governments, regulation, and time, based on his recent remarks at Davos. Through this shift, the article attempts to answer a more critical question: After the crypto craze, what stage has the industry truly entered?
At Davos, Changpeng Zhao (CZ) appeared more cautious than ever before.
The founder and former CEO of Binance no longer leads the world's largest cryptocurrency exchange. Yet, at the 2026 World Economic Forum, he remained a figure of interest for the media and policy circles.
The reason lies not in any radical price predictions he offered—quite the opposite, he almost deliberately avoided short-term judgments.
I. He No Longer Predicts Prices, But Talks About "Time"
In an interview with CNBC, when asked about Bitcoin's price, Changpeng Zhao's response was surprisingly conservative:
Short-term prices are almost impossible to predict.
But immediately after, he offered a more macro judgment—
The cryptocurrency market may be entering a structural cycle that lasts for years.
In his description, this is not a traditional bull-bear switch but more of a change in cycle patterns.
He mentioned that Bitcoin historically fluctuated in four-year cycles, but this pattern is now being influenced by changes in the policy environment.
II. Why Might This Cycle Be Different?
The core reason Zhao gave was not technological upgrades or the halving narrative, but politics and regulatory environment.
He pointed out:
· The U.S. attitude toward cryptocurrency is becoming more friendly
· Other countries are quickly following suit with similar policies
· Crypto assets are gradually being incorporated into a "regulatable, discussable" category
In this context, he believes:
Bitcoin could reach a new all-time high in 2026.
However, it's important to note that this is not a statement of bullishness but more of a judgment on a policy-driven cycle.
III. "I Am in Dialogue with About a Dozen Governments"
More noteworthy than his price predictions is Zhao's main focus now.
He revealed in the interview that he is in communication with about a dozen governments, discussing key topics including:
· Cryptocurrency regulatory frameworks
· Asset tokenization
· The design and issuance of stablecoins
This stands in stark contrast to his earlier image of "innovate first, regulate later."
Today, he更像是一名:
Unofficial coordinator navigating between governments and the crypto industry.
IV. Regarding Trump, He Chose a "Clarification with Distance"
As U.S. politics increasingly influences the crypto industry, speculation about the relationship between Changpeng Zhao and Donald Trump has frequently surfaced.
To this, he gave a very clear response:
· He has never met Trump in person
· There is no close personal or business relationship
· The so-called "relationship" stems more from overlapping policy environments
In his explanation, the logic is very clear:
Policy benefits are at the industry level, not the result of personal relationships.
V. An Easily Overlooked Detail:
Why "Bypass the Banks"?
When discussing a Binance-related investment completed using a $1 stablecoin, Zhao added a thought-provoking detail:
The only requirement for using cryptocurrency was to avoid dealing with the banking system.
This statement highlights a practical issue:
Even as regulation becomes clearer, structural friction still exists between the traditional financial system and the crypto industry.
And stablecoins are becoming a temporary solution to bridge the two.
VI. Why Are Governments Becoming the Decisive Variable in the New Cycle?
In the early crypto narrative, governments were often seen as external disruptions, with cycles driven primarily by technological breakthroughs and market sentiment.
But today, that logic is fading.
As crypto assets are incorporated into formal regulatory frameworks, the market's focus shifts from "can it be done" to "how to do it, and under what system." When rules begin to be systematically designed, cycles are no longer solely determined by risk appetite but start to be influenced by the pace of institutional progress.
Regulatory clarity, compliance paths, and the confirmation of legal status do not immediately drive up prices, but they reshape long-term expectations, attracting institutional capital and national-level projects.
In this context, the new cycle is likely to be slower, longer, and more restrained.
Extreme bubbles decrease, while infrastructure and institutions gradually take shape.
If the early crypto cycles relied on imagination, the next phase seems more driven by policy patience and institutional maturity.
Conclusion:
CZ's Transformation Might Be More Important Than His Predictions
If one only extracts a few sentences, Zhao's remarks can easily be interpreted as price predictions.
But what is truly worth noting is his change.
From exchange CEO to industry advisor;
From resisting regulation to participating in institutional discussions;
From talking about coin prices to talking about time.
This perhaps signifies one thing:
The crypto industry is moving from "price narrative" to "institutional narrative."
And this time, the rhythm of the cycle may no longer be determined solely by the market.
This article represents the author's personal views only and does not constitute any investment, legal, or financial advice. The views are based on public information and are for discussion and reference only.
