Changpeng Zhao has issued a clear warning to anyone hoping to make quick profits from cryptocurrency. According to Zhao, investors entering the market with a 'get rich quick' mindset are setting themselves up for disappointment.
Speaking to 10 million followers on X, Zhao stated that cryptocurrency is not a place for those chasing instant wealth. He advises such individuals to avoid touching the assets at all costs because they will regret buying it after incurring losses.
Zhao made this comment as retail investor interest is rising in the current bull market. He told me that people do too little to beat the market, especially when driven by hype and emotion rather than strategy.
In response to a tweet from cryptocurrency influencer EmperorBTC, who assessed that 80 percent of investors are driven by fear of missing out, Zhao remarked that most people cannot surpass Bitcoin. He stated that most investors follow poor advice or apply to become experts in the field, leading to similar mistakes.
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Zhao pointed out that those who choose to hold their cryptocurrency assets for the long term often perform better than even the most active traders. He noted that the simple act of holding Bitcoin without frequent trading has yielded better results than most strategies that require more effort.
In June, Zhao emphasized that determination is necessary to maintain long-term investments, especially during market downturns. According to him, sometimes, sitting back can yield higher returns than reacting to market circumstances.
Looking ahead, Zhao expressed optimism about the future of Bitcoin. In May, he also stated that this leading cryptocurrency could reach up to 1 million dollars in the ongoing market cycle. He explained this viewpoint with the increasing interest from institutions, which he sees as one of the main drivers of future growth.
Zhao's message reminds us that success in cryptocurrency requires patience and realistic expectations. For those seeking quick profits, his advice is simple: cryptocurrency is not for you.