Bitcoin is here to stay
- Binance’s CEO isn’t fazed by the crypto winter; he says that bitcoin is not dead yet.
- Ripple’s CEO supports CZ’s claims and highlights the industry’s resilience in adverse times.
Recently, Chinese-Canadian business mogul and Binance CEO, CZ, calmed down speculation that Bitcoin is dead. CZ said that the current crypto winter had not reduced the active participation of Bitcoin community members. Instead, CZ reiterated that the leading digital resource remains active and alive.
He added that it will remain so for the foreseeable future, regardless of naysayers and macroeconomic market conditions. On Sunday, CZ tweeted: “Bitcoin is not dead; we’re still here.” His tweet is a reference to the current downturn in the crypto space, which has negatively affected the prices of digital assets.
His tweet was also to calm the fudge (fear, uncertainty and doubt) around the crypto market after the recent collapse of the FTX crypto exchange.
#bitcoin is not dead. We are still here.
— CZ 🔶 Binance (@cz_binance) 20 November 2022
Most people who responded to the tweet shared similar sentiments with CZ. One of the respondents was Michael Saylor (a notable crypto advocate and co-founder of crypto asset management firm MicroStrategy). Saylor tweeted that Bitcoin will play a huge role in making the world better. According to him, Bitcoin is indestructible and immortal.
#Bitcoin is an immortal, imperishable, imperishable foundation upon which to build a better world. 🌍
— Michael Saylor⚡️ (@saylor) 20 November 2022
The FTX implosion is the latest to result in billions in losses for crypto investors. It mirrors the collapse of the Terra network, leading many crypto firms to declare bankruptcy. Notable mentions include Voyager, 3AC and Celsius. After the FTX collapse, some investors are beginning to doubt whether investing in crypto is a good idea.
Rebuilding the crypto industry
Nevertheless, many industry influencers, especially CZ, are trying to reduce the contagion effects. CZ’s tweet on Sunday was similar to the remarks he made when he introduced the Binance industry fund last Monday. While announcing the launch of the recovery fund, CZ also called on wealthy VCs to support the initiative.
Binance’s recovery fund is an initiative by CZ to help robust crypto firms survive unexpected liquidity crisis. New Huobi IPO owner Justin Sun and BankToTheFuture CEO Simon Dixon are two notable names who have publicly followed CZ’s call.
Earlier, CZ said that greater regulatory clarity is one of the effective ways to prevent a similar implosion like the FTXs from happening. Last Wednesday, Ripple CEO Brad Garlinghouse appeared on CNBC’s squawk box and noted that the crypto industry had survived many challenges in the past.
Therefore, he believes it would survive this current crisis. However, he noted that it is normal for downturns to happen in any financial industry as nothing is “sunshine and rainbows.” The panic created by the FTX implosion has caused a sharp decline in crypto prices, including BTC.
According to our data, BTC is trading at $16,092 and is down 2.60 percent in the last 24 hours. The current price represents the lowest in 2 years. It was last traded at that price in November 2020.
