Former Binance CEO Changpeng Zhao made a statement on X, warning investors against expecting quick profits from cryptocurrencies. He believes such expectations are misguided and urged investors to rethink their goals.
Changpeng Zhao's Warning
Changpeng Zhao addressed his 10 million followers on X, stating: 'If you want to get rich quick, don't touch (and blame) crypto.' This request emphasized his stance against speculative investments in cryptocurrency.
The 'HODL' Mentality
Earlier this year, popular cryptocurrency influencer EmperorBTC outlined four investor categories. About 80% of them are 'tourists' driven by FOMO, 10% follow poor advice, 5% pretend to know, and only the remaining 5% truly grasp crypto. Zhao noted that the vast majority of those investors are actively trading or working on projects while failing to outperform Bitcoin. He suggested that holding actually surpasses 99% of cryptocurrency participants and other assets.
Bitcoin Predictions
The former Binance boss believes that Bitcoin still has plenty of upside potential, despite it being a $2.1 trillion asset. In early May, he forecasted that the leading cryptocurrency could reach up to $1 million during the current bullish cycle due to growing institutional adoption.
Changpeng Zhao's views highlight the importance of a cautious approach to cryptocurrencies and warn investors about the risks related to the pursuit of quick profits.
