"CZ: Mental Fortitude Trumps Crypto Volatility"
1min read Binance co-founder Changpeng Zhao (CZ) has offered crucial guidance to investors navigating the volatile crypto markets, emphasizing the importance of mental stability. In the face of significant market downturns, Zhao urges investors to reassess their crypto positions for better emotional resilience. According to cz, "Mental stability beats all market volatility," a sentiment echoed in his recent communications with investors.
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 a 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." He 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."
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 "it’s a worldview shift" and he "exited the old world 11 years ago."
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).
The crypto community has reacted positively to CZ’s advice, with many expressing gratitude for his candid insights during challenging market conditions. Social media platforms are abuzz with traders discussing their strategies in light of his recommendations, as they navigate the volatile landscape.
Despite the recent decline, many analysts remain optimistic about Bitcoin’s long-term potential. CZ’s steadfast belief in 