As a researcher who has closely followed the crypto market for several years now, I find Changpeng Zhao’s (CZ) recent tweet a powerful reminder of the potential long-term impact of digital currencies like Bitcoin. Being in this field since its early days, I’ve seen many ups and downs, but the current surge is undeniably impressive.
Changpeng Zhao (commonly referred to as CZ) in the cryptocurrency world, posted a tweet to caution his 9 million followers about Bitcoin‘s current market situation following its remarkable price escalation.
CZ warns crypto community against this
In a recent tweet, Changpeng Zhao advised his numerous followers to align themselves with the correct course of history. He referenced a post he had shared on November 1st last year, which he authored while serving as CEO of Binance.
On that particular day, he brought up the topic of “an improved monetary system beneficial for billions,” emphasizing to the crowd that it could be detrimental to be on the ‘losing’ side of history regarding this issue.
Be on the right side of history.
— CZ 🔶 BNB (@cz_binance) November 15, 2024
After experiencing a significant 5.7% drop and falling below the $93,000 level set on Wednesday, Bitcoin has now managed to reclaim its position at the $90,000 price point as the world’s leading digital currency.
On November 13th, Bitcoin reached an unprecedented high of $93,434, primarily due to recent political events in the U.S. and a 25 basis point reduction in interest rates by the Federal Reserve. This was the second rate decrease this year, following the first one in September when the Fed lowered the rate by 50 basis points.
As I witnessed the ATH unfold, CZ cautioned the Bitcoin community via a tweet, predicting frequent instances of both increases and decreases in Bitcoin prices ahead. He urged us to curb our enthusiasm, carefully assess risks, and avoid investing all our resources into a single asset, emphasizing the importance of diversification.
Strategic Bitcoin reserve initiative from PennsylvaniaÂ
According to FOX Business reports, legislators in Pennsylvania have floated an idea to add Bitcoin to the state’s financial assets, recognizing its growing status as a form of value storage. This concept was initially proposed by Senator Cynthia Lummis of Wyoming back in July, advocating for such a change across the U.S.
As reported by FOX Business, a unique Bitcoin reserve bill presented by Pennsylvania’s House of Representatives on Thursday enables the state treasury to invest around 10% of its roughly $7 billion in funds into Bitcoin. This bill is set to…
— Wu Blockchain (@WuBlockchain) November 15, 2024
She then said that the U.S. would buy one million in Bitcoin over the next five years – 200,000 BTC per year. One million Bitcoins is roughly 5% of the total 21 million BTC supply that can ever exist. The new bill would allow Pennsylvania to allocate 10% of its $7 billion budget to buy Bitcoin with.
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2024-11-15 19:04