Binance co-founder Changpeng Zhao issued a caution to Bitcoin (BTC) investors, advising restraint as the crypto reaches unprecedented levels. BTC price recently surged to a new all-time high (ATH) close to $79,000, amid a robust rally in the crypto market. This has also seen many leading crypto assets, including Ethereum (ETH) and Solana (SOL), climb to significant highs.
Binance’s CZ Offers Crypto Market Tips
In a recent post on X (formerly Twitter), Zhao emphasized the importance of risk management, encouraging investors to prepare for market fluctuations amid the Bitcoin surge. He pointedly advised, “As #bitcoin make successive new all time highs, apply proper risk management.” Moreover, Zhao further urged them to “control your greed” and to avoid putting all their investments in one place.
“Don’t put all your eggs in one basket. Ape slowly,” he said, warning against impulsive investment behaviors. His remarks accompany a broader crypto resurgence, where cautious optimism is shared among investors. Despite Bitcoin’s upward trajectory, CZ reminded his followers that the market could still see both “dips and highs” ahead. He suggested that investors should remain level-headed, and diversify to mitigate the effects of potential downturns.
As #bitcoin make successive new all time highs, apply proper risk management. There will be many dips (and highs) in the future. Make sure you can handle them. Control your greed. Don’t put all your eggs in one basket. Ape slowly. https://t.co/lSfLHbj7go
— CZ 🔶 BNB (@cz_binance) November 8, 2024
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Though Zhao recently stepped down as CEO of Binance, he remains influential in the crypto sector. His recent posts underscore his ongoing dedication to the industry. Notably, his involvement with Binance and blockchain technology has been under scrutiny amid regulatory challenges.
Zhao recently returned to the public sphere after serving a four-month jail sentence for regulatory infractions at Binance. Since his release, he has reaffirmed his focus on blockchain technology, artificial intelligence (AI), and biotechnology. He has also indicated plans to sell his stake in Binance, fueling discussions about his future involvement in the crypto space.
The FTX Deal
In another recent post, Zhao took a reflective look back at Binance’s relationship with the now-defunct exchange, FTX. A fellow X user noted that the anniversary of FTX’s collapse and Binance’s attempt to acquire the firm was approaching. FTX, led by Sam Bankman-Fried, faced an implosion after revelations of financial mismanagement and the misuse of customer funds.
Binance had initially considered acquiring FTX, signing a non-binding letter of intent before backing out due to concerns over the company’s financial stability. Zhao humorously commented on this episode, saying that it felt like it happened “two decades ago,” underlining the fast-paced and often volatile nature of the crypto industry.
Bankman-Fried, currently serving a 25-year sentence for his role in FTX’s downfall, misappropriated billions in customer funds, tarnishing the reputation of the once-celebrated exchange. The memory of the failed Binance-FTX acquisition remains a significant chapter in the crypto industry’s history and a reminder of the potential pitfalls in the sector.
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