The Release of Changpeng Zhao (CZ) and the Dawn of “Uptober”
On September 29, Sunday, the world will witness the release of Changpeng Zhao (CZ), the renowned founder of Binance exchange and the creator of its native token BNB, from prison after serving a four-month sentence. This event is anticipated to have a significant impact on the cryptocurrency market and may mark the beginning of what many in the community call “Uptober.”
What is Uptober?
- October and November historically have been bullish months for cryptocurrencies.
- These months are often followed by the “Santa Claus rally” in December.
- Over the past decade, Bitcoin has shown notable price increases during this time of the year.
Furthermore, the recent acceleration in Bitcoin and the stock market can be attributed to the Federal Reserve’s decision to raise interest rates by 50 basis points last week.
CZ’s Post-Prison Business Ventures
Prior to serving his time, CZ expressed his intentions of stepping away from entrepreneurship and focusing on being a crypto investor. However, his actions post-release have surprised many in the industry.
- He launched Giggle Academy, an online educational platform offering free finance, blockchain, English, and math classes to underprivileged children.
- He hinted at potential involvement in integrating crypto into the biotech sector.
- He mentioned plans to write a book during his time in prison.
Despite the restrictions imposed by the U.S. Department of Justice, CZ’s entrepreneurial spirit seems to be alive and well, albeit in different forms.
As the crypto community eagerly awaits CZ’s return, the market sentiment remains optimistic for a potential surge in Bitcoin prices and a positive trend in the cryptocurrency space.