Binance is a cryptocurrency exchange. Over the past decade, Binance’s creator, Changpeng Zhao (CZ), has worked his way up from nothing to becoming a crypto billionaire.
Now, what the general public doesn’t realize is that CZ started out making less than $5 an hour at McDonald’s. And now, he’s developed one of the most successful crypto exchanges, trading over $50 billion a day; his b&b coin is outperforming Bitcoin in this bear market; and Binance is destroying the competition in terms of market share.
A positive frame of mind is essential for success now that we are in the midst of yet another infamous crypto winter. In light of recent events, I thought it would be interesting to provide the perspective of one of the crypto industry’s most prominent figures. First, we’ll provide a brief history of CZ’s involvement with cryptocurrencies, and then we’ll address the issue, “Is cryptocurrency here to stay?” Or, if it’s too late to stop it, CZ’s finest counsel for individual investors. Dropping a like if you love the video is always appreciated.
How CZ Started in Crypto?
First things first, I’m going to go from frying eggs to being a crypto billionaire. When did CZ initially begin working with cryptography?
“I remember there wasn’t a lot to read and find out about at the time. Consequently, I studied the Bitcoin white paper before asking around on forums like Bitcointalk.org, which was popular at the time. Google searches will naturally lead you there.
Then, after that, you should give yourself approximately five or six months to talk about it and attempt to figure it out. The deciding factor, though, came when I realized that the technology actually worked and thought, “Okay, this might be successful, but it need community.” Then why doesn’t anyone seem to hang out together? I decided to fly from Las Vegas to Las Vegas to go to a Bitcoin conference. Time frame: December of 2013. As you may have heard, Halleck was accompanied by many of the same people you hear about today.”
That’s right, Charlie Lee was there. All the guys were there, and so was my rosette. The only time Bitcoin is mentioned in the media these days is in connection with terrorists, criminals, or the infamous dark web marketplace Silk Road. A group of teenagers (Vitalik was probably around that age in 1819) attended the conference. But the reality remains that these were just a group of young men — geeks and technologists — who weren’t very concerned with making a profit and whose main motivation was to help advance the community.
Wow, I thought, okay, this, if this is a community, sure is different from the TV, Silk Roads, and newspaper thing.
As a result, I abruptly left my work after returning from the conference. Therefore, please buy my home. I work in the field of cryptography.
Let’s cut to the chase. While it’s true that those who got into crypto earlier have a better chance of becoming wealthy, CZ argues (and I paraphrase) that if you wished you could have purchased in at the ridiculously cheap prices of the past decade, you could have. Nonetheless, that’s not the objective. In retrospect, it will be clear that any financial advise given to you now is just that, advice, and that you will be completely free to ignore it in the future.
Will Crypto Set New ATH?
It’s true that things were much cheaper a few years ago, but that doesn’t mean we can’t expect today’s prices to look very attractive in the not-too-distant future. All right, now, for those of you who have already made a sizable financial investment in cryptocurrencies and watched your holdings plummet in 2022, here’s what you can do.
The decline in prices is not the primary issue. If crypto continues to break records for price, this is all just a temporary hiccup, but if prices never recover, that would be a major problem. So, the million-dollar question is: can we still rid the world of crypto, or has it already arrived?
In fact, I’m far more optimistic now than I was eight years ago.
In that generic year, 2013, there was no other cryptocurrency save Bitcoin. About the size of a magazine. There was a time when $1,000 was an absolute maximum, but now $100 will do.
Back then, the possibility of Bitcoin and other cryptocurrencies disappearing was much higher than it is today, in 2017. Many more tokens were acquired, as well as Ethereum and other perks. DeFi and smart contracts 2020, we have you covered. This new era of NFT’s is here. Now that we have GameFi and the Metaverse, so much more is possible.
And the number of people using this sector has grown tremendously. I don’t think the three to eight million or so people currently utilizing cryptocurrencies around the world are going somewhere anytime soon. There will be no stopping the inevitable development of such technology. Price changes are inevitable, as I see it; they can’t be avoided. We don’t want to get rid of that.
This is an inherent part of the stock market and other forms of market-based price discovery.
And a growing number of software programs will be created. Therefore, all that really matters is how fast you can go. As a result, we intend to maintain our efforts to hasten the industry’s growth while also encouraging its continued health. Because of this, I am far more optimistic about the future of Bitcoin and other cryptocurrencies than I was, say, eight years ago.
Many people and organizations have tried and failed to halt the growth of cryptocurrencies in the past eight, five, and three years. It’s not a good idea to try to go against the flow of popular opinion since you’ll likely end up frustrated and defeated. Yeah. This is why it’s important to pay close attention to CZ. Because he is at the forefront of the industry, he has witnessed firsthand the meteoric rise of the platform’s user base — current estimates put the number of crypto investors at above 800 million.
The population won’t suddenly reduce by that much. Also, many authorities at the national and international levels have attempted to curb the spread of cryptocurrency, but to no avail. Not to mention the fact that going against the current is a bad idea. CZ adds that while the early adopters and long-term holders were admired during the last peak, your current actions will influence how you feel during the next peak, not any financial advise you may receive. Okay. The flip side of achieving huge returns in investing is limiting your exposure to loss. Finally, his CZ and his top tips for minimizing danger.
As for the takeaway I hope people will remember, it is that people should try new things and educate themselves about crypto as it is a new technology for money. Likewise, mastering risk management is crucial. Consider the absolute worst-case scenario: if everything were to vanish tomorrow, would you be okay? This is the risk management advice I give everyone. If you answered “no,” you should consider scaling back your initial investment by 50% until you reach a point where you feel secure. And yet, it’s important to study this topic due to concerns over potential danger.
Control your risks, don’t be murdered in one shot, diversify your holdings, and adopt a growth mindset if you want to succeed in the turbulent but potentially lucrative world of cryptocurrency. That’s the message I try to convey to each and every one of our viewers, so I’ll say it again. And I want to wish everyone the best of luck in all their exploring, learning and exploring. There will always be a wide variety of people and perspectives to learn from in the realm of crypto investment. When it comes to who you let into your head, I think it’s crucial to have a tight lock. And CZ is definitely on that list.
Note: This article was prepared from Investing Made Simple-Nathan Sloan channel after full permission. You can click and reach the page.
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