Binance CEO: “Bitcoin is not dead, we are still here”

Changpeng Zhao, CEO of the largest cryptocurrency exchange Binence, recently commented on Bitcoin's resilience amid current market events. Now the market is experiencing a crypto-winter and a global downtrend, which entails a decrease in the value of many currencies. In addition, the FTX situation has knocked down many investors of various calibers and dragged several companies to the bottom, which are now one step away from declaring themselves bankrupt.

Most representatives of the crypto market, including experts, analysts and others, believe that bitcoin can fall much lower, or even die. Yesterday Changpeng Zhao appeared on Twitter, where he made a loud statement that Bitcoin is not dead yet and will still live. He wrote the following:

Bitcoin is not dead. We are still here.

After such a statement, many representatives of the crypto enthusiast community responded ambiguously to such a comment from the head of Binance. Most of them agreed with Changpeng Zhao's statement. Thus, for example, Michael Saylor, who became one of the founders of MicroStrategy, noted the important role of Bitcoin in improving the real world in the future:

Bitcoin is the immortal, indestructible and incorruptible foundation upon which a better world can be built.

However, it was not worth expecting a different reaction from him, since Sailor is known for his positive statements towards the main cryptocurrency and the community rightly calls him a bitcoin maximalist.

Brad Garlinghouse, who founded Ripple, also spoke about the stability of the cryptocurrency industry to such events. According to him, the industry is ready for such obstacles and can overcome them through joint efforts. In addition, Garlinghouse, like Changpeng, is confident in the recovery of the cryptocurrency market and further ascent to new heights. At the same time, he noted that recessions of this nature are not a normal phenomenon for the crypto environment, but it must also be taken into account that everything cannot always go smoothly.

The fall of the American exchange FTX caused the cryptocurrency market to shake up and left many investors with huge losses. Before that, there were similar collapses of such projects as Terra (LUNA), Three Arrows Capital, Celsius, Voyager and others on the market. However, there is a particular difference in the fall between FTX and the above projects. FTX is an American exchange where many investors and even companies kept their funds, while projects like Terra, Celsius and others were only separate projects.

This course of events forced investors to rethink their activities and think about additional diversification of their funds and other ways to save them. The CEO of Ledger, a company that manufactures and supplies hardware devices for storing cryptocurrencies, said that the organization showed the best result last week. He called this period of time "the best week in the history of the Ledger."

Earlier on November 14, Changpeng Zhao announced that his exchange would be launching an Industry Recovery Fund. The purpose of the project is to help companies that are facing a liquidity crisis, but have a good potential for development. The fund will help mitigate the effects of the FTX collapse. Not only the Binance exchange will be engaged in the restoration of the industry, but also other famous people in the circles of the cryptocurrency market. Justin Sun, who founded the TRON blockchain, and Simon Dixon, CEO of the FinTech investment platform BankToTheFuture, will be among such virtues.

Changpeng Zhao has also recently called for the launch of immediate regulation protocols for the cryptocurrency market, as this will help people avoid situations similar to what we could see in the case of FTX.

We previously reported that for the first time since November 2020, Bitcoin fell below the $15,800 level. Along with this, large drawdowns were also felt by such giants of the world of the crypto industry as Ethereum, Dogecoin and Solana. You can read more about the situation on the market in our earlier material by clicking on the link .