world’s largest cryptocurrency Changpeng Zhao (CZ), CEO of the exchange Binance, said in a statement. Bitcoin (BTC) and told investors to control their emotions as the cryptocurrency market tumbled.
Today, the Bitcoin price has dropped below $30,000 for the first time since July 2021. That being said, CZ doesn’t seem too worried about the downturn in the cryptocurrency market.
CZ Tells Investors Not to Panic
In his tweet today, CZ tried to dampen the extreme panic that exists in the cryptocurrency world and claimed that the latest drop will mean nothing in a few years.
To explain this, CZ shared BTC’s all-time chart on Coin Market Cap, noting how ‘flattening’ the declines experienced so far have been on the chart.
It might be the first time and painful for you, but it’s not the first time for #bitcoins. It just looks flat now. This (now) will look flat in a few years too. pic.twitter.com/ehIHOREknE
— CZ 🔶 Binance (@cz_binance) May 10, 2022
The famous CEO pointed out how the BTC price has endured the big drops it has experienced in the past.
CZ said anyone who can’t control their level of anxiety should lower their position as they can’t take that much risk:
“If you’re panicking during the downturn, you’re probably over-invested. Try reducing your investment amount by 2x or 10x. That way, you’ll likely become much better at controlling your emotions. Only increase your positions when you can control your emotions.”
Emotions. If you panic during a bottom, you probably over invested. Try reduce your investment size by 2x or 10x. You will be in a much better position to control your emotions. Only increase your position when you can handle your emotions.
— CZ 🔶 Binance (@cz_binance) May 10, 2022
In addition, CZ replied to a Twitter user that he does not use any fiat currency and said, ‘1 BNB = 1 BNB’.
At the time of this writing, the BTC price is trading at $ 31,430.
*Not investment advice.