The World Needs Bitcoin Says Changpeng Zhao

The CEO of cryptocurrency exchange Binance, Changpeng Zhao, stated on Twitter that Bitcoin is essential for the globe. He recently disclosed that despite the turbulence in the market, he is still holding onto his BTCs.

For years, Zhao has supported BTC. In a 2021 interview with the Associated Press, Zhao stated that he bought BTC after selling his house in 2014. When the price of BTC fell from $600 to $200 not long after he made his purchase, he didn’t sell his coins. The majority of the CEO of Binance’s initial BTC stash is still present. However, the most well-known cryptocurrency has gone through several boom-and-bust cycles.

Zhao said:

”To be honest, I think Bitcoin’s dominance over time will decrease, not increase. It may increase in the short term… there are a lot of innovations people can bring back to BTC, like second-layer solutions etc. But when the technology is out already and adopted for ten years, there’s the relatively limited scope that you can update it.”

Latest Bitcoin Update

The price of Bitcoin fell by almost 4% on Monday, hovering around the $20,500 mark. The decrease in the BTC market was due to investors waiting for this week’s release of the US consumer price index data.

The biggest cryptocurrency in the world, Bitcoin, fell 3.83 % to $20,553. Ethereum, the second-largest cryptocurrency globally, fell 3.68 % to $1,150.09.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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