Binance’s CZ Says Bitcoin is Not Dead Amid the Steadfast Crypto Winter.
CZ recently reiterated that bitcoin is not dead, as the community is still actively involved amid the prevalent Crypto Winter.
“Bitcoin is not dead. We are still here,” CZ remarked in a tweet Sunday despite the panic triggered by the latest capitulation event within the crypto scene that has battered the asset to lower lows. CZ’s remarks also come amid the FUD provoked by the recent FTX implosion.
#bitcoin is not dead. We are still here.
— CZ 🔶 Binance (@cz_binance) November 20, 2022
The comment has sparked several reactions from the crypto community, with most responses disclosing positive convictions as proponents stand in solidarity with CZ. Notably, co-founder of MicroStrategy and prominent bitcoin maximalist Michael Saylor received CZ’s proclamation well, as he highlighted bitcoin’s significant role in the quest to build a better world.
“Bitcoin is an immortal, indestructible, incorruptible foundation upon which to build a better world,” Saylor commented in response to the Binance Chief’s recent remark.
#Bitcoin is an immortal, indestructible, incorruptible foundation upon which to build a better world. 🌍
— Michael Saylor⚡️ (@saylor) November 20, 2022
The FTX collapse, which has so far resulted in investor losses to the tune of billions, is the latest massive implosion the cryptocurrency community is experiencing this year, following Terra, 3AC, Celsius, and Voyager, among others.
The FTX debacle has especially dealt a huge blow to investor confidence, making several questions about the wisdom of investing in crypto. Notwithstanding, the industry remains standing as others look to rebuild. Binance and CZ, in particular, have been active in mitigating the contagion.
CZ made a similar statement when he introduced Binance’s Industry Recovery Fund. “Crypto is not going anywhere. We’re still here. Let’s rebuild,” the Binance Chief said in a tweet last Monday, as he called for other entities to show support for its Industry Recovery Fund initiative.
Recall that CZ disclosed on November 14 that Binance would launch an “Industry Recovery Fund,” which will assist projects that are otherwise strong but caught up in a liquidity crunch, especially due to the FTX implosion. The 45-year-old Chinese-Canadian business executive noted that the initiative is aimed at palliating the effects of the FTX contagion.
Several notable entities within the crypto space have pledged support for the initiative, including Tron’s Justin Sun and Simon Dixon, CEO of FinTech investment platform BankToTheFuture.
CZ recently called for greater regulatory clearance for the industry, as that would help reduce risks of a reoccurrence of the FTX situation.
Speaking on a CNBC Squawk Box episode last Wednesday, Ripple CEO Brad Garlinghouse also highlighted the cryptocurrency industry’s resilience against these hurdles. According to Garlinghouse, the industry will certainly recover despite this current downturn. He reiterated that these downturns are not abnormal, as the market is not all “sunshine and roses.”
Meanwhile, BTC and the rest of the markets have been battered to shocking lows amidst the panic. With a current value of $16K, Bitcoin is currently trading at a low last witnessed in November 2020. Notwithstanding, this would not mark the asset’s first crash, as a similar situation had materialized in previous bear markets, with the markets recovering afterward.
Down 4.19% in the past 24 hours, BTC is currently trading at $16,015 following a rejection faced when the asset attempted to reclaim the $18K territory on November 10.