Changpeng Zhao Emphasizes the Need for Bitcoin

Changpeng Zhao, the CEO of cryptocurrency exchange Binance, tweeted that the world needs Bitcoin. Recently he revealed that despite the market turmoil, he continues to hold his cryptocurrencies. The world needs #bitcoin. https://t.co/396JPQm4Ju — CZ 🔶 Binance (@cz_binance) July 11, 2022 Zhao has consistently backed Bitcoin. Zhao claimed that after selling his home in 2014, he bought Bitcoin in a 2021 interview with the Associated Press. He didn’t sell his coins when the price of Bitcoin dropped from $600 to $200 shortly after he made his buy. Most of the initial Bitcoin stockpile held by Binance’s CEO has remained intact. The most well-known cryptocurrency, however, has experienced numerous boom-and-bust cycles. Zhao said, ”To be honest, I think Bitcoin’s dominance over time will decrease, not increase. It may increase in the short term… there are a lot of innovations people can bring back to Bitcoin, like second-layer solutions etc. But when the technology is out already and adopted for ten years, there’s the relatively limited scope that you can update it.” Latest Bitcoin Update On Monday, Bitcoin’s price dropped by around 4%, trading around the $20,500 level. Investors were waiting for this week’s release of the US consumer price index data, which caused the bitcoin market to decline. The world’s largest cryptocurrency, Bitcoin, was down by 3.83 percent to $20,553. The second-largest cryptocurrency in the world, Ethereum, ...