Avoid anxious Bitcoin liquidation; guidance from Binance founder Zhao
Let's dive into a fresh take on Binance's former CEO Changpeng Zhao's "tough love" advice for Bitcoin investors:
Wanna know what Binance's ex-top-dog, CZ, had to say to those hysterically offloading their Bitcoin coins during market dips? Here it is, straight from the horse's mouth!
In his no-nonsense style, CZ hit up the crypto-verse via his X account, addressing the investors who were wallowing in fear and selling like crazy during those hefty correction periods. He pulled no punches, folks, pointing the finger squarely at insufficient knowledge as the main culprit for such knee-jerk reactions to market volatility.
"Fear and lack of knowledge equal panic selling"
That's right; according to CZ, not having enough smarts under your belt about tech, finance, and the world is the number one reason investors end up selling when the going gets tough. Naïve buying on someone's advice doesn't exactly equip you to sail through those stormy waters. As CZ cryptically put it:
"Faith in holding weakens in such situations."
But fret not! With CZ as your guide, you can build the resilience needed to stand your ground. His prescription? Simple, just pick up a book! CZ firmly believes that expanding your mindset will bolster your confidence, and in times of market chaos, a few well-placed words may keep you from hitting the sell button. This mindset of holding strong is key, as there'll always be a few investors who go by the "paper hands" moniker, while those who keep it together are fondly referred to as "diamond hands".
"Slap yourself if you sold below 100 grand"
Want another dose of CZ's wisdom? Let's dive into the oh-so-relevant tweet from 2021 he recently re-shared: "If you sold BTC below 100,000, give yourself a slap." Adding a self-assuring "I said it" to the post, CZ was once again reminding us all of the importance of holding on tight and not getting snagged by short-term price fluctuations.
Bonus bit: over 344,000 new Bitcoin wallets have popped up in the last few days, so the FOMO wave is upon us! Bitcoin made a comeback and snatched the $104,000 level. This next rung is quite close to its historic $109,100 leap, which coincidentally happened on Donald Trump's inauguration day.
As of now, Bitcoin's trading at $102,653, dropping by about 2% in the last 24 hours. But don't sweat it; it's just a minor blip on the grand scheme of things! Remember, holding on tight could reap some major rewards!
BONUS: Sign up with Binance using this link to snag an exclusive $600 reward (courtesy of us!). Details Bitcoin (BTC) News Facebook Twitter LinkedIn Telegram`
*[1] The importance of understanding tech and finance to make informed investment decisions in the crypto market.[2] Panic selling and its consequences for short-term and long-term returns in the crypto market.[5] Building conviction and resilience to resist market volatility through self-education.
- CZ, former CEO of Binance, pointed out that fear and lack of knowledge often lead to panic selling in the crypto market, suggesting that education could help investors navigating market volatility.
- binance's ex-CEO, CZ, encouraged investors to educate themselves, asserting that expanding one's knowledge base builds resilience and strengthens confidence, which are crucial in resisting the urge to sell during market crashes.
- In early January 2021, CZ tweeted, "If you sold BTC below 100,000, give yourself a slap," emphasizing the importance of holding on during turbulent market periods and not succumbing to short-term price fluctuations.
- With the recent surge in the creation of new Bitcoin wallets, CZ's advice on self-education and the importance of understanding the technology and finance behind crypto investments seems particularly relevant.
