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Binance's CZ Says Bitcoin Isn't Dead Amid Stable Crypto Winter
CZ recently reiterated that Bitcoin is not dead as the community is still actively engaged amid the ongoing crypto winter.
Binance CEO Changpeng Zhao "CZ" recently reinforced bitcoin's resilience against a strong Crypto Winter and crypto critics are trying to play it down, noting that the asset is still alive despite past and recent obstacles to global adoption.
"Bitcoin is not dead. We are still here," CZ noted in a tweet on Sunday, despite the panic triggered by the crypto world's latest capitulation event, which hit rock bottom. CZ's comments also come amid FUD over the recent FTX explosion.
#bitcoin is not dead. We are still here.
— CZ 🔶 Binance (@cz_binance) November 20, 2022
The comment generated several reactions in the crypto community, with most responses revealing positive beliefs about supporters' solidarity with CZ. In particular, Michael Saylor, the founder of MicroStrategy and a well-known bitcoin maximalist, received the CZ statement very well when he emphasized the important role of bitcoin in building a better world.
"Bitcoin is an immortal, indestructible and incorruptible foundation upon which to build a better world," commented Saylor in response to a recent remark by the Binance CEO.
#Bitcoin is an immortal, indestructible and incorruptible foundation on which to build a better world. 🌍
— Michael Saylor⚡️ (@saylor) November 20,2022
The collapse of FTX, which has cost investors billions in losses so far, is the latest massive collapse the cryptocurrency community will experience this year after Terra, 3AC. , Celsius and Voyager, among others, the collapse of
FTX dealt a huge blow to investor confidence and raised several questions about the wisdom of crypto investments.
However, the industry remains afloat while others try to rebuild. Binance and CZ in particular have been active in containing the infection.
CZ made a similar statement when it introduced the Binance Industry Recovery Fund. "Crypto is not going away. We are still here. We are rebuilding," the head of Binance said in a tweet last Monday, encouraging others to show their support for the initiative of the Industry Recovery Fund.
Recall that on November 1th, CZ announced that Binance will launch an "Industry Recovery Fund" to help projects that are otherwise strong but hit a liquidity crisis, especially due to the collapse of FTX. The
5-year-old Chinese-Canadian business executive noted that the initiative aims to mitigate the impact of FTX contamination.
Several prominent figures in the crypto space have pledged their support for the initiative, including Tron's Justin Sun and Simon Dixon, CEO of FinTech investment platform BankToTheFuture.
CZ has recently called for greater regulation of the industry to help reduce the risk of FTX recurring.
Speaking on an episode of CNBC's Squawk Box last Wednesday, Ripple CEO Brad Garlinghouse also emphasized the cryptocurrency industry's resilience to these obstacles. According to Garlinghouse, the industry is sure to recover despite the current recession. He reiterated that these declines are not out of the ordinary as the market is not all "sunshine and roses".
Meanwhile, BTC and other markets are shockingly low amid the panic. Bitcoin is currently valued at $16,000 and is currently trading at low levels last seen in November 2020. However, this would not mark the asset's first collapse, as a similar situation occurred in previous bear markets, after which the market recovered.
Down 19% in the last 2 hours, BTC is currently trading at $16,015 after the asset attempted to regain the $18,000 area on November 10.
🌐 source
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