The Rise of Bitcoin: CZ Calls Out Skeptics as BTC Hits New All-Time High
Changpeng Zhao, also known as CZ in the cryptocurrency community, co-founder and former chief executive of Binance, recently took to his platform to address those who doubted the future of Bitcoin or followed skeptics’ advice. This comes as Bitcoin surged to a new all-time high, reaching $89,956 with a nearly 10% increase in just one day.
CZ’s Message to Bitcoin Skeptics
- In a tweet, CZ shared a link to the “Database of notable Bitcoin skeptics” called “Bitcoin is dead.”
- He emphasized that those who believed the skeptics should take responsibility for their actions.
- Founder of CryptoQuant, Ki Young Ju, reminded CZ of his previous tweet from 2019, urging people not to sell Bitcoin below $10,000.
CZ also cautioned investors and hodlers when Bitcoin hit $77,252, advising them to control their greed and apply proper risk management. He emphasized the importance of diversification, saying, “Don’t put all your eggs in one basket.”
Legal Battle: FTX Sues Binance and CZ for $1.8 Billion
On Monday, the cryptocurrency exchange FTX and its management team filed a lawsuit against Binance and Changpeng Zhao, seeking to recover $1.8 billion. The lawsuit alleges that the money was fraudulently transferred by Sam Bankman-Fried, the founder of FTX.
- The $1.8 billion transfer was part of a repurchase deal with SMF, where CZ and other Binance executives received the money in exchange for FTX stocks.
- FTX claims that at the time of the transfer, FTX and its trading company Alameda Research were insolvent, making the repurchase fraudulent.
- FTX also accuses CZ of posting misleading tweets about FTX before its collapse in November 2022.
It is crucial for investors to stay informed about legal developments in the cryptocurrency industry to make sound investment decisions.
Analysis of the Impact
The rise of Bitcoin to a new all-time high highlights the resilience and potential of the cryptocurrency market. CZ’s message serves as a reminder to investors to do their due diligence and not be swayed by skeptics. It also underscores the importance of risk management and diversification in building a strong investment portfolio.
The legal battle between FTX, Binance, and CZ sheds light on the regulatory challenges facing the cryptocurrency industry. Investors must be cautious and stay informed about legal proceedings to protect their investments and navigate the evolving landscape of digital assets.