Former Binance CEO Changpeng Zhao recently took to the X social media network to shut down the idea that cryptocurrencies can result in quick riches.
In fact, he urged potential investors to stay away from the nascent asset class if that is their goal.
"If you want to get rich quick, don't touch (and blame) crypto," CZ told 10 million followers on X.
"Hodling" mentality
Earlier this year, popular cryptocurrency influencer EmperorBTC outlined four categories of investors. Roughly 80% of them are tourists (FOMO-driven), 10% follow poor advice, 5% pretend to know, and only the remaining 5% truly grasp crypto.
In response to this, CZ stated that the vast majority of those investors are those who actively trade or work on projects while failing to actually outperform Bitcoin.
He opined that holding actually surpasses 99% of cryptocurrency participants and other assets by doing nothing.
In June, as reported by U.Today, CZ stated that only the courage to "HODL" actually counts.
CZ's $1 million prediction
The former Binance boss believes that Bitcoin still has plenty of upside potential despite the fact that it is already a $2.1 trillion asset.
In early May, he forecasted that the leading cryptocurrency could reach up to $1 million during the current bullish cycle due ot growing institutional adoption.
Vladislav Sopov
U.Today Editorial Team