Vital Advice from Changpeng Zhao to Bitcoin Panic Sellers
Binance's former CEO Changpeng Zhao (CZ) gave a critical piece of life advice to those who panic sell Bitcoin during downturns.
With Bitcoin once again surpassing the $103,800 level, CZ, co-founder and former CEO of Binance, addressed the crypto community through his X account. He specifically spoke to investors who panic sell during major correction periods instead of holding onto their Bitcoin.
“The Reason for Panic Selling: Ignorance”
CZ argued that the fundamental reason investors panic sell is their lack of adequate knowledge about technology, finance, and the world. Simply buying BTC based on someone's advice does not equip the investor with resilience against price volatility.
According to CZ, in such a situation: “Your belief in holding weakens when you panic.”
Emphasizing the importance of self-education, CZ stated that reading more increases an investor's confidence: “Reading more helps.”
This way, even when everyone is selling, a person can avoid selling by believing in Bitcoin's long-term potential. In the crypto community, such weak investors are referred to as “paper hands,” while those who never sell under any circumstances are called “diamond hands.”
