Binance’s outspoken CEO, Changpeng ‘CZ’ Zhao , has appealed for calm over the recent sell-off by claiming that he won’t let Bitcoin crash to zero.
Bitcoin has endured a turbulent month, falling from February’s high of $10,500 to as low as $3,600 on some exchanges before consolidating back above $5,000.
Investors have started speculating on how deep Bitcoin can go in light of the coronavirus outbreak, which has seemingly caused a devastating effect across all major markets.
Still worried about #btc going to 0?
Don't! So long as I have a penny left, it won't happen.
— CZ 🔶 BNB (@cz_binance) March 17, 2020
CZ famously told punters to “slap themselves” if they sold Bitcoin under $10,000 back in August 2019.
Bitcoin then preceded to go against CZ’s advice as it dropped by more than 20% in a matter of months.
This time around he wrote: “Still worried about BTC going to zero? Don’t! So long as I have a penny left, it won’t happen.”
When questioned on his cash holdings, which he used to claim that was all invested into crypto, he replied: “I have roughly $500 worth of monopoly money.”
Bitcoin is in dire need of a catalyst to drive price back to the upside after losing 50% of its value over the past month.
Analysts have suggested that the upcoming halving event in May will be critical as it will see rewards for miners slashed from 12.5BTC per block to 6.25BTC per block.
This has historically been bullish for cryptocurrencies as supply is reduced, however a black swan event like coronavirus has the potential to overpower the bullish Bitcoin fundamentals.
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.