Binance CEO Changpeng Zhao says he’s not worried because cryptocurrencies are showing “normal market behavior.”
- CZ changpeng Zhao (CZ) is the founder of crypto exchange Binance. isn’t worried about the crypto crash
- He believes this is normal market behaviour
- He says this is the third time he has personally experienced this.
Amidst so much negative vocalizing that the current cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. crash represents the collapse of the crypto ecosystem, CEO of Binance Changpeng Zhao , considered this year as the richest person in the crypto world. , parece relajado y sin temores de perder su inmensa fortuna.
In an interview with Bloomberg Market an area or arena, online or offline, in which commercial dealings are conducted. Yesterday, CZ (as he prefers to be known) noted that fluctuations are common for both cryptocurrencies and stocks as part of market behavior and projected that there is the likelihood of more bear someone who believes that prices in a given market will decline over an extended period. Such a person might be referred to as “bearish.” markets in the future.
“It’s normal for markets to go up and down. We see this in the stock markets as well. Netflix is also down 70%. It’s part of normal market behavior. <…> Este no es el primer ciclo bajista por el que atraviesa Binance. Este será mi tercero personal”…>, dijo.
Furthermore, in this scenario, he revealed that his exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. was already prepared for the situation by setting aside funds.
According to the CEO, despite the market correction, user demands have remained high, hence the need to be prepared. He noted that Binance will benefit, especially with other companies laying off staff, a situation that has expanded the talent pool. It’s worth noting that Binance has been one of the few major crypto companies that hasn’t announced layoffs, they already did so a few days ago Coinbase, Crypto.com y Gemini, among others.
On the current low and the responsibilities of Earth Zhao noted that the fall of Earth is part of the crypto sector’s ongoing bear market. It is worth noting that in May acknowledged the personal losses he had with Terra reporting that he owned USD $1.6 million in MOON, which were reduced to USD $2,200.
He said such incidents would likely affect more people because most entered the crypto sector during the bull a person that is optimistic and confident that market prices will increase, this person is also known to be "bullish" about the market or price. cycle without knowing how to manage operational risks. Zhao acknowledged that the losses stemming from the crash of Earth fueron significativas.
Here you can see the video where CZ speaks:
Other investments – what happened to Forbes and Twitter?
CZ también comentó que el acuerdo de Binance Holdings Ltd. para invertir USD $ 200 millones en Forbes is “changing” after the publisher’s deal to go public through the so-called SPAC a special purpose acquisition company (SPAC) is formed by investors in order to publicly list an organization without going through the troubles that come with the traditional IPO process. fell through.
In the interview with Bloomberg, Zhao reiterated that Binance still wants to make the investment, though he did not elaborate on how the terms would change.
In addition, he spoke of the commitment he made to invest investing is when you put money in a financial scheme with the intent of making a gain. in Twitter after the CEO of Tesla Elon Musk, said that wanted to buy the social network a network refers to all nodes in the operation of a blockchain at any given moment in time. for $44 billion USD (although he later hinted at the paralysis of the negotiation, with severe criticism of the network. ). En ese momento, Binance committed itself to contribute around USD $ 500 million to the purchase of Twitter Inc.
“The Twitter deal, I don’t know what’s going on there, but we’re still waiting for it to be fulfilled. “, agregó Zhao. “Él (referring to Musk) He is leading, we are following him. If he keeps to the deal, then we’re committed, if he doesn’t, we’re leaving.”
When asked if he was disappointed by Musk’s apparent lack of appetite to complete the purchase, CZ responded: “To be honest, a little bit, yeah, we were hoping to contribute to Twitter in some way.”
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