Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Changpeng "CZ" Zhao, the former CEO of Binance, has dropped a message to encourage long-term confidence in Bitcoin (BTC). Zhao’s update comes following the spike in the price of BTC, which led to a new all-time high (ATH) above $118,000.
CZ urges long-term perspective amid price surge
Notably, the new ATH set by Bitcoin has triggered regret in some quarters — in particular, traders who wished they had bought the asset when it dipped below $100,000 in this cycle.
However, Zhao has urged investors to see the current market conditions as an opportunity rather than a setback. According to him, the price of Bitcoin as it stands is already a “dip” and a buying opportunity before the next ATH is set.
"If you 'missed' the previous dips, there will be dips in the future too. And we are still in one now," he wrote.
CZ is reminding investors and market participants alike that dips are common and specific to the digital currency space. Hence, more opportunities to acquire Bitcoin exist for people interested in accumulating the digital gold.
Zhao’s emphasis that the current market is still a dip suggests that now is still a potentially good time to purchase BTC. This is a bullish statement, as the former Binance CEO is optimistic that Bitcoin will rise further, and long-term holders who buy now will still make profits.
Scarcity and sentiment support BTC's bullish outlook
CZ’s confidence in Bitcoin's future outlook is based on its scarce nature. With a limited supply of 21 million BTC, he believes that Bitcoin will continue to gain value, unlike fiat currency.
Fiat currency, like the U.S. dollar, can become devalued as a result of overprinting or inflation. However, Bitcoin’s limited supply makes it deflationary.
As of press time, the Bitcoin price was changing hands at $117,995.80, representing a 6.01% increase in the last 24 hours. Traders are also actively transacting and have pushed trading volume up by 91.73% to $118.74 billion.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team