Some younger Bitcoin users may be dissatisfied with recent events, especially if they had high expectations for the price of bitcoin or no significant drawdowns. It seems as though it has been increasingly clear over the past few weeks that this is, in fact, a bear/sideways market.
However, Changpeng Zhao, the CEO of Binance, is still holding onto his cryptocurrencies despite the turbulence in the market.
Changpeng Zhao, CEO of Binance, recently announced in a tweet that he hasn’t sold any Bitcoin (BTC) or Binance Coin (BNB) to demonstrate his steadfast belief.
CZ and Bitcoin, an unbreakable bond
Zhao said in a 2021 interview with the Associated Press that he had purchased BTC in 2014 following the sale of his home. Shortly after his purchase, the price of BTC went from $600 to $200, but he didn’t sell his coins at that time. The chief executive officer of Binance has been able to hold onto the majority of his initial BTC stockpile despite the fact that the biggest cryptocurrency has through many boom-and-bust cycles.
Zhao also claimed that the majority of his net worth at the time was made up of Binance Coin, the native token of the top cryptocurrency exchange by trading volumes. He is a “decent-sized” shareholder in the exchange aside from that.
Zhao is the 77th richest person on the earth, valued at $18.7 billion by the Bloomberg Billionaire Index. Due to the terrible status of the bitcoin market, his net worth has fallen by a staggering $77 billion.
The richest cryptocurrency businessman, though, is unconcerned about the bear market. Bitcoin might potentially retake the $70,000 level “in a few months or years,” according to Zhao’s prediction from last month.
Zhao also claimed that MicroStrategy CEO Michael Saylor, whose business is currently suffering greatly as a result of the declining value of BTC, would ultimately have the final laugh.
At the time of press, Bitcoin (BTC) was priced at $20,097.27 with a daily rise of 1.69%.