Changpeng “CZ” Zhao, CEO of the world’s largest cryptocurrency exchange Binance weighs in on Bitcoin’s latest recovery above the $23,000 mark.
Making his appearance on Fox Business, host Neil Cavuto immediately popped the most important question, “Is this rally for real?”
The Binance chief responded that even he cannot tell, and said:
“Nobody knows. I cannot predict markets, but markets go up and down. The number of users coming into the industry is increasing though.”
Next, Zhao was asked about Elon Musk’s Tesla’s selling 75% of its Bitcoin holdings during the last quarter.
If Musk sells his Bitcoin, so should we?
“If he is retreating from this, should we do the same?”, Cavuto asked to which CZ replied:
“He is a smart guy but it doesn’t mean that he holds every valuable asset in the world. He probably doesn’t hold many other company stocks, many other valuable cryptocurrencies, etc.
Just because he buys and sells some Bitcoin doesn’t mean that because he buys Bitcoin it gets better, or because he sold Bitcoin it becomes worse.”
The CEO continued to highlight the strong foundations on which Bitcoin was built:
“The fundamentals are there, the use cases are there, the user numbers are there and the community is there. The fundamental properties of Bitcoin didn’t change because one guy bought or sold.
Nobody knows what the reasons are why he bought or sold. Maybe he needed cash for Tesla or trying to buy Twitter or something else, I don’t know. But it doesn’t really mean much.”
Prior to the interview, Zhao had already referred to Tesla’s selling its holdings as a “drop in an ocean” on Twitter.
Up to $100 billion of #btc get traded every day. Someone selling $1 billion is a drop in the ocean. https://t.co/jEY9dmLeb2
— CZ 🔶 Binance (@cz_binance) July 21, 2022
At time of writing, Bitcoin is trading at $22,768 according to CoinMarketCap data.
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