Binance Founder Challenges “Bitcoin Is Dead” Claims Amid Market Resilience
Changpeng ‘CZ’ Zhao, former CEO of Binance, recently returned from prison and disagreed with statements claiming that "Bitcoin is dead." He shared a link to the “Bitcoin is Dead” website, highlighting ongoing skepticism towards the cryptocurrency.
Bitcoin Demonstrates Resilience and Silences Critics
Bitcoin #BTC maintains its position as a significant financial asset, currently priced at $88,628.58 with a market capitalization of $1.76 trillion. Despite this, figures such as Peter Schiff, Christine Lagarde, and Hilary Clinton continue to express negative views about BTC. Common criticisms include claims that Bitcoin threatens the US dollar, has failed as a currency, and causes investors to lose money.
Despite these critiques, Bitcoin has shown resilience, generating profits and creating wealth for its holders. Zhao encouraged followers on X to critically assess skeptics' opinions. The “Bitcoin is Dead” page on BuyBitcoinWorldwide lists 385 articles predicting Bitcoin's demise, while 99Bitcoins records 477 instances of such declarations. These assertions often arise during market downturns or regulatory challenges, contrasting sharply with Bitcoin's actual performance.
$1 Million Bitcoin Price Prediction
Negative sentiments have not deterred Bitcoin advocates, whose ranks are expanding as they view the cryptocurrency as essential for Decentralized Finance (DeFi). Analysts like BitMEX co-founder Arthur Hayes predict the price could reach $1 million, contingent on the election of a pro-crypto president in the U.S. Hayes anticipates a stronger regulatory framework that could trigger significant price increases.
As Bitcoin potentially embarks on a price rally, other cryptocurrencies may follow suit based on their correlation. Recently, BTC increased by 6.9%, while Ethereum #ETH rose by 5.59%, Solana #SOL gained 2.29%, and XRP #XRP increased by 11.79% within 24 hours.