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The CEO of Binance is sure that the current crisis will pass as bitcoin is here to stay.

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The CEO of Binance is sure that the current crisis will pass as bitcoin is here to stay. 



CZ, the CEO of Binance and a Chinese-Canadian business magnate, recently dispelled recent rumors that Bitcoin was becoming extinct. According to CZ, people of the Bitcoin community are still actively participating despite the current crypto winter. CZ emphasized that the top digital asset is still active and living. 

Without regard to doubters or the state of the macroeconomic market, he continued, it would continue to be so for the foreseeable future. "Bitcoin isn't dead; we are still here," CZ tweeted on Sunday. His post makes reference to the recent slump in the cryptocurrency market, which has had a detrimental effect on the costs of digital assets. 

Additionally, he tweeted to allay the fud (fear, uncertainty, and doubt) that has been swirling around the cryptocurrency market since the FTX crypto exchange had failed.

The majority of the people who replied to the tweet agreed with CZ's comments. Michael Saylor responded as one of the witnesses (a notable crypto advocate and co-founder of crypto asset management firm, MicroStrategy). In a tweet, Saylor predicted that Bitcoin would have a significant positive impact on the globe. He claims that Bitcoin is everlasting and unbreakable.

The most recent cryptocurrency investment losses in billions of dollars came from the FTX collapse. It is similar to the Terra network collapse, which caused numerous cryptocurrency businesses to file for bankruptcy. The names Voyager, 3AC, and Celsius deserve special note. Some investors are beginning to question the wisdom of investing in cryptocurrencies in the wake of the FTX meltdown.

Rebuilding the crypto industry

However, several influential figures in the business, most notably CZ, are working to mitigate the contagion's impacts. The comments CZ made when presenting the Binance industry recovery fund last Monday were echoed in his tweet from last Sunday. In addition to announcing the opening of the recovery fund, CZ urged affluent crypto VCs to back the project. 

CZ launched Binance's recovery fund as a way to assist resilient cryptocurrency companies in surviving sudden liquidity shortages. Simon Dixon, the CEO of BankToTheFuture, and Justin Sun, the new owner of the Huobi exchange, are two famous individuals who have openly reacted to CZ's request.

Increased regulatory clarity, according to CZ, is one of the most effective methods to stop another implosion like the one that hit the FTX. Brad Garlinghouse, CEO of Ripple, stated on CNBC's Squawk Box on Wednesday that the cryptocurrency industry had previously overcome several obstacles. 

In light of this, he thinks it would withstand the current crisis. Though nothing in life is "sunshine and rainbows," he pointed out that downturns are common in the financial sector. The price of BTC and other cryptocurrencies has fallen dramatically as a result of the panic sparked by the FTX implosion.

Article Credit: Crypto News Flash 

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