Changpeng 'CZ' Zhao, former CEO of Binance, has issued a message to encourage long-term confidence in Bitcoin (BTC). Zhao's update follows a surge in BTC prices, leading to a new all-time high (ATH) above $118,000.
CZ Promotes Long-Term Outlook Amid Soaring Prices
Notably, the new ATH set by Bitcoin has caused regret in some places—especially among traders wishing they had bought this asset when it dipped below $100,000 during this cycle.
However, Zhao encourages investors to see the current market situation as an opportunity rather than a setback. According to him, the current Bitcoin price is a 'dip' and a buying opportunity before reaching the next all-time high (ATH).
"If you 'missed' previous dips, there will be more dips in the future. And right now we are still in a dip," he wrote.
CZ is reminding investors and market participants that downturns are common and characteristic of the cryptocurrency market. Therefore, there are more opportunities to own Bitcoin for those interested in accumulating digital gold.
Zhao's emphasis that the current market is still in a downturn suggests that now is still a good time to buy BTC. This is an optimistic statement, as the former CEO of Binance is hopeful that Bitcoin will continue to rise, and long-term holders buying now will still profit.
Scarcity and Bullish Sentiment Support BTC's Price Outlook
CZ's belief in the future prospects of Bitcoin is based on its scarcity. With a limited supply of 21 million BTC, he believes Bitcoin will continue to increase in value, unlike fiat money.
Fiat currencies, like the US dollar, can lose value due to excessive printing or inflation. However, Bitcoin's limited supply makes it deflationary.
As of the time of writing, Bitcoin is trading at $117,995.80, up 6.01% in the last 24 hours. Traders are also actively trading and have pushed the trading volume up 91.73% to $118.74 billion. $BTC