Changpeng Zhao, often known as CZ, a cofounder and former chief executive of the world’s largest crypto exchange, Binance, has taken to his X account to offer crucial advice to the crypto community. Particularly, he addressed those who fail to hold Bitcoin through periods of big corrections and start panic-selling.
Zhao believes that people begin to panic-sell Bitcoin for one key reason - “ lack of understanding of tech, finance, and the world.” He believes that buying BTC just following somebody’s recommendation will not make you hold it through periods of volatility and corrections. In this case, CZ, says, “your conviction to panic hold will be low.”
He underscored the vital importance of educating oneself on tech and finance through reading: “More reading helps.” This, according to CZ, should give holders enough certainty in Bitcoin to avoid selling when everyone around is doing so and to hold BTC stronger because of its future prospects and not the current price volatility.
The crypto community frequently calls such weak holders “paper hands,” opposing them to “diamond hands” – those who never sell and keep accumulating.
In an earlier tweet, CZ revisited his X post issued in 2021, where he said: “Slap yourself, if you sold BTC under $100,000.” On Thursday, the world’s bellwether crypto, Bitcoin, skyrocketed above the $100,000 level for the first time since January and reached the $103,800 zone.
By revisiting his tweet and commenting “I told you so” CZ once again stressed the importance of holding one’s Bitcoin, especially with its prospects of increasing in price unexpectedly to demonstrate significant growth.
On-chain data aggregator Santiment has noticed a large increase of the Bitcoin network recently. A recent tweet published by it reveals that a massive 344,620 new wallets have joined the Bitcoin network as FOMO soared to a high degree – “fear of missing out.”
This happened as Bitcoin “silenced bears” and skyrocketed close to the $104,000 level – one of the all-time highs of January reached before BTC went up to $109,100 on Jan. 20, Donald Trump’s inauguration day in the White House.
At press time, Bitcoin is changing hands at $102,653 per unit, dropping by almost 2%.
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