Is it possible that one trillion dollars could be wiped out? Down payments are lost to the wind. It sounds horrible. Changpeng "CZ" Zhao is not a celebrity. The man at the helm of the largest exchange by volume says that the bear market is good for the market.
At this week's Mainnet Conference, the executive said that the market is still early and that crashes are just industry growing pains.
The bigwig is not the only one in his thinking. Changpeng has expressed his faith in the industry despite the fact that some investors have completely stopped investing in the asset. You need to break a few eggs to make an omelette.
He encouraged investors to ride out the winter, but he also said that the amount of people who buy, use, and trade it is what counts. We aren't in a saturated market.
That's the exact thinking that caused a lot of people to lose their homes. The cryptoosphere is still in its infancy. The idea that blind faith is just part of the deal has already done billions of dollars in damages to small time, low information investors. The "Crypto is Just a Baby" argument is unconvincing because of the damage it's caused, especially from a guy at the top of a company that swallowed a lot of investor funds.
Don't forget to keep ridin' that winter out. Do not ignore the warning pop-up if anyone uses the currently-being-sued Binance anytime soon.
The CEO of the company said that the market is healthy for the long term.
More on the class-action lawsuit.