Ex-Binance CZ Issues Big Crypto Warning: 'Be on the Right Side of History'
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Changpeng Zhao, known to many in the crypto community as CZ, has published a tweet to issue an important warning and remind his nine million X followers in light of current events related to Bitcoin and its recent astonishing price surge.
CZ warns crypto community against this
In his tweet, Changpeng Zhao told his millions of X followers to “be on the right side of history.” He quoted his own X post published on Nov. 1 last year, when he was still the chief executive officer at Binance.
Back on that day, he mentioned “a better form of money that helps billions,” warning the community that it “won’t be a good legacy” to be on the wrong side of history in this respect.
This tweet came as the global flagship cryptocurrency, Bitcoin, finally regained the $90,000 price mark after facing a large 5.7% decline, when it fell from above the $93,000 level reached on Wednesday.
On Nov. 13, Bitcoin skyrocketed to a historic peak of $93,434 upon recent political developments in the U.S. and after the Federal Reserve slashed the interest rate by 25 basis points. That was the second rate cut this year after the first one in September, when the Fed decreased the rate by 50 basis points.
When the ATH happened, CZ tweeted that there are likely to be many Bitcoin hikes and drops in the future, and he warned the community that they should “control their greed,” manage risks accordingly and should not put all their eggs in one basket.
Yuri MolchanStrategic Bitcoin reserve initiative from Pennsylvania
FOX Business has reported that lawmakers in Pennsylvania have proposed a bill that would allow the state’s treasury to put Bitcoin on its balance sheet, as BTC is widely becoming recognized as a store of value. This idea for the whole U.S. was first suggested by pro-crypto senator Cynthia Lummis of Wyoming in July.
She then said that the U.S. would buy one million in Bitcoin over the next five years – 200,000 BTC per year. One million Bitcoins is roughly 5% of the total 21 million BTC supply that can ever exist. The new bill would allow Pennsylvania to allocate 10% of its $7 billion budget to buy Bitcoin with.
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