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Changpeng Zhao, also known as CZ, who co-founded the world’s largest exchange Binance in 2017 and ran it as the CEO until 2023, has addressed the community to lend a supporting hand to those who have been shaken out by the current crypto market decline.
CZ provided a key piece of advice to those people, sharing a life hack that can beat all the market volatility.
Yuri MolchanCZ recommends reducing your crypto bag
Over the past seven days, the world’s largest cryptocurrency, Bitcoin, has crashed by more than 20%, bottoming on Friday when it went down as low as $78,764. By now, BTC has managed to partly pare its losses and regained 7.8%. At the time of this writing, it is changing hands at $85,246 on the Bitstamp exchange.
CZ addressed those who have suffered from the giant Bitcoin decline and the overall crypto market drawdown that followed. In the post published today for those who “got shaken out during the dip” he gave them simple advice: “Reduce your size to a level you can handle.”
CZ added that mental stability is crucial for long-term crypto holders, and it can help handle the heavy volatility that is taking place in the market: “Mental stability beats all market volatility.”
This tweet mirrors the X post issued by CZ yesterday as if he decided to repeat the same thought for a better effect. He emphasized that dips are an integral part of crypto markets. “If you are stressed about it, you probably should reduce your investment size,” he said.
However, he then clarified that this is a way to go “if you view crypto as an investment.” CZ admitted that for him crypto is “a worldview shift” and he “exited the old world 11 years ago.”
Gamza Khanzadaev"Bitcoin won’t die," CZ believes
Earlier this week, when commenting on the substantial Bitcoin dip, Changpeng Zhao tweeted that he did not believe Bitcoin would die. Thus, he underscored his firm belief in the market and the future of the cryptocurrency as an integral part of the financial system in the future.
He also revealed that he had not sold any of his crypto holdings during the recent market dips. Earlier, CZ unveiled that his crypto bags consist only of Bitcoin and Binance Coin (BNB).
Dan Burgin
Vladislav Sopov