Changpeng Zhao Comments on Market Crash

Changpeng Zhao, former CEO of Binance, stated that “the major coins should mostly do alright” amidst a significant market crash.

Zhao, recognized as the richest figure in cryptocurrency, mentioned that long-term holders are familiar with the pain currently felt by some market participants. He remarked, “Hold is never easy.”

The billionaire dismissed the notion that exchanges can predict market directions, attributing his accurate price predictions to a long-term view of market trends, which he believes are easy to identify. “Tech innovation will continue. Internet, blockchain, AI, biotech… You don’t need to be an exchange to know it,” he asserted.

Zhao emphasized that Bitcoin’s price performance is only linked to economic indicators in the short term.

Earlier today, Bitcoin’s price dropped to $77,527, the lowest since early November, mirroring a decline in the U.S. stock market. The Nasdaq index has fallen over 4%, on track for its worst drop since 2022.