Changpeng Zhao, the founder and former CEO of Binance, recently took to social media X to debunk the idea that cryptocurrency can help get rich quick. He urged potential investors to stay away from this emerging asset class if that is their goal. 'If you want to get rich quickly, don't touch (and blame) cryptocurrency,' CZ shared with 10 million followers on X.
The Psychology of 'Hodling'
Earlier this year, the well-known cryptocurrency influencer EmperorBTC outlined four types of investors. About 80% of them are tourists (driven by FOMO), 10% follow poor advice, 5% pretend to know, and only the remaining 5% actually grasp cryptocurrency.
In response, CZ stated that the majority of these investors are active traders or working on projects but do not really outperform Bitcoin.
He argues that holding truly exceeds 99% of those involved in cryptocurrency and other assets without doing anything at all. In June, according to U.Today reports, CZ stated that only the courage to 'HODL' truly counts.
CZ's 1 Million USD Prediction
CZ believes that Bitcoin still has a lot of upside potential even though it is already a $2.1 trillion asset. In early May, he predicted that this leading cryptocurrency could reach $1 million in the current bull cycle due to increasing institutional adoption.
