Changpeng Zhao (CZ), the CEO of Binance, who is the richest person in the crypto industry, has sent words of encouragement to the members of the crypto community amid the lingering bear market.
In a viral tweet on the 20th of November, CZ Binance reiterated his stance on the future of Bitcoin (BTC), the largest cryptocurrency by market capitalization.
According to CZ, despite the panic initiated by the implosion of FTX exchange, which resulted in the massive crash of crypto markets, Bitcoin is still alive.
CZ Binance tweeted, “Bitcoin is not dead. We are still here.”
#bitcoin is not dead. We are still here.
— CZ 🔶 Binance (@cz_binance) November 20, 2022
As expected, the tweet was greeted with tons of responses by the crypto community members. A number of crypto big guns, including MicroStrategy founder Michael Saylor, also shared their opinions regarding the current situation in the market.
According to Saylor, the flagship cryptocurrency is meant to exist forever, believing that it’s the foundation upon which a better world will be built.
Michael Saylor wrote, “Bitcoin is an immortal, indestructible, incorruptible foundation upon which to build a better world.”
#Bitcoin is an immortal, indestructible, incorruptible foundation upon which to build a better world. 🌍
— Michael Saylor⚡️ (@saylor) November 20, 2022
John Deaton, the lawyer of over 75,000 XRP holders, also said, “We must view this as a very painful but necessary cleansing. A leader once said: “Time to build.”
We must view this as a very painful but necessary cleansing. A leader once said: “Time to build.”
— John E Deaton (@JohnEDeaton1) November 20, 2022
The recent collapse of the FTX exchange made many investors lose assets worth billions of dollars. This is similar to the implosion of Terra blockchain, which broadly affected Three Arrows Capital (3AC), Celsius, Voyager, and many other crypto-related firms.
Despite the negative effect of the implosion, Binance CEO believes that the market will bounce back as always. He has also been making a lot of effort to put the situation under control. For instance, Binance has introduced an Industry Recovery Fund to revitalize reputable crypto projects facing liquidity crises.
In the tweet where CZ introduced the funding, he said, “Crypto is not going anywhere. We’re still here. Let’s rebuild”