Binance CEO continues to share his comments throughout the current cryptocurrency bear market. Currently, as the markets are moving sideways, CEO Changpeng Zhao talked about the coins he holds. Here are the details…
Binance CEO holds Bitcoin and BNB
In a recent tweet, Binance CEO Changpeng Zhao showcased his strong belief in crypto. It announced that it does not sell Bitcoin (BTC) or Binance Coin (BNB). According to the data, the prices of the two aforementioned cryptocurrencies have dropped from their respective all-time highs by 70.85 percent and 65.86 percent, respectively. In a 2021 interview with the Associated Press, Zhao claimed that he bought Bitcoin in 2014 after selling his house. Bitcoin’s price dropped from $600 to $200 shortly after its purchase, but it did not sell its coins then either.
The largest cryptocurrency has gone through multiple cycles of ups and downs. But despite all this, the Binance CEO has managed to keep most of his Bitcoin stash. Zhao also said that Binance Coin, the native token of the largest crypto exchange by trading volume, represents the majority of its net worth. He is also known to be a shareholder in Binance. According to the Bloomberg Billionaire Index, Zhao has a net worth of $18.7 billion. This makes him the 77th richest person in the world. However, as we reported on Cryptokoin.com, his net worth has suffered a huge drop of $76 billion due to the dire state of the cryptocurrency market.
Still, the wealthiest cryptocurrency entrepreneur is unaffected by the bear market. Last month, Zhao predicted that Bitcoin could reclaim $70,000 “within a few months or years.” Zhao also predicted that MicroStrategy CEO Michael Saylor, whose company is currently suffering huge losses due to the falling Bitcoin price, will be “the one who laughs last.”
The beginning of the bear market: what happened?
As we wrapped up the second quarter last Thursday, the crypto market’s fall in June was the worst month since it was launched on exchanges in 2010. The value of BTC has dropped more than 38 percent in the month. The market cap of ETH, on the other hand, dropped 47 percent. This profound loss came after Luna’s collapse in May. Also came the crisis of crypto lending platform Celsius, which led to a wide sell-off in the space.
Traditional markets also had a tough time. The six months to last Thursday were the US stock market’s worst first half in a year since 1970. Concerns about inflation continued to weigh on the Dow, which closed 0.42 percent on Tuesday. Bitcoin (BTC) has remained in a relatively tight range between $19,000 and $20,000 since entering July.
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