Binance’s Changpeng Zhao has discredited the popular “Bitcoin is Dead” narrative from critics.
By Godfrey Benjamin
Edited by Julia Sakovich
Updated
3 mins read
Changpeng ‘CZ’ Zhao, Binance’s former CEO, who recently returned from prison, disagreed with the narrative that “Bitcoin is dead”.
On X, the crypto pioneer shared the link to the “Bitcoin is Dead” website, which tracks such claims about the cryptocurrency. He seized the opportunity to point out the consistent skepticism the flagship digital currency faces.
Significantly, Bitcoin BTC $83 435 24h volatility: 0.8% Market cap: $1.66 T Vol. 24h: $31.77 B has held its forte, dominating as a notable asset in finance. With a current price of $88,628.58 and a market capitalization of $1.76 trillion, this digital asset is the most widely recognized cryptocurrency globally. However, this momentum has not stopped critics like Peter Schiff, Christine Lagarde, and even Hilary Clinton from speaking against BTC.
Most of these critics have made statements like “Bitcoin jeopardizes the role of the US dollar”, “Bitcoin has failed as a currency”, “Bitcoin is an illusion and lies,” “Investors in Bitcoin lose their money,” and now “Bitcoin is dead.” Ultimately, their predictions are all geared toward the coin’s demise. Still, Bitcoin remains resilient, consistently bagging profit and making millionaires out of its holders.
Consequently, the Binancer Founder urged his followers on X to carefully evaluate the opinions of skeptics. On the “Bitcoin is Dead” page on BuyBitcoinWorldwide, 385 articles declaring the demise of BTC from various sources were listed. 99Bitcoins, on the other hand, showed 477 times when Bitcoin was declared dead. However, these declarations are a stark contrast from the true state of the leading digital asset.
It is worth noting that these claims usually appear whenever the flagship cryptocurrency is faced with a market downturn or a regulatory challenge. Even now that the coin is soaring, some critics may still link the positive sentiment to an impending fall.
These negative comments have kept Bitcoin Marxists from filling their bags with BTC.
As the number of users and holders of the coin increases, so does the exchange influence its adoption. These Bitcoin advocates, whose numbers continue to grow, see the coin as a pivotal technology for Decentralized Finance (DeFi). This has made it face scrutiny in Traditional Finance (TradFi).
Many experts and analysts believe firmly in Bitcoin’s capacity to hit a higher price level. BitMEX co-founder and former CEO Arthur Hayes recently predicted that the coin may hit $1 million. This time, he based his forecast on the election of a pro-crypto president in the United States. Hayes foresees the implementation of a more robust regulatory framework for the sector, which may lead to a huge price rally.
Once BTC hits a bigger price rally, Ethereum ETH $1 594 24h volatility: 1.4% Market cap: $192.37 B Vol. 24h: $11.52 B and other altcoins must follow suit based on their correlation. For context, BTC has recently surged by 6.9%, ETH is following closely with a 5.59% increase, SOL SOL $124.7 24h volatility: 5.2% Market cap: $64.33 B Vol. 24h: $4.53 B is up 2.29%, and XRP XRP $2.06 24h volatility: 1.9% Market cap: $120.23 B Vol. 24h: $2.66 B is 11.79% higher than its value 24 hours ago.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
