On Friday, August 18, Binance CEO Changpeng Zhao (CZ) delivered a reassuring message to cryptocurrency investors. The downtrend that is currently plaguing bitcoin (BTC) and the entire crypto market does not worry him at all.
Binance CEO urges investors to bet for the long term
Changpeng Zhao, in addition to being an iconic figure in the crypto ecosystem, is a strong supporter of bitcoin (BTC). In a tweet recently, the CEO of Binance gave the cover by inviting investors to bet on the long term. According to his statements, things are repeating themselves.
In 2019, panic swept through the crypto market after bitcoin fell below $10,000. Currently, the same reaction is popping up in the industry as the price of BTC hovers around $30,000.
Actually, CZ is right. Bitcoin has gone through significant declines in the past, but has always been able to recover. In 2018, bitcoin fell over 80% in value, only to rebound in 2021 and hit all-time highs of over $60,000.
A few months after the launch of Binance, CZ had already expressed Her confidence in the future of cryptocurrency. To illustrate his conviction, he even had his company logo tattooed on his forearm.
Since then, the exchange platform has quickly become a key figure in the crypto industry. In 2021, the company recorded transactions of up to $170 billion in a single day.
Crypto exchange heavily threatened by SEC
After its market launch, the journey of the largest exchange in the world has not been without controversy. He was often accused of facilitating money laundering and complicity with China. However, the SEC lawsuit poses the biggest threat to Binance to date. Even though CZ seems unfazed, the future of the exchange still hangs in the balance.
Currently, the SEC is fighting for justice to prohibit Binance and CZ from doing business in the United States. Since the introduction of this lawsuit, the market share of the platform has been significantly affected.
In the meantime, CZ continues to be confident about the rise of the first crypto and his business. He has faith in Binance and is a firm believer that bitcoin (BTC) has yet to say its last word.
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