Binance Founder Responds to “Bitcoin Is Dead” Claims

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As a seasoned crypto investor with a decade of experience under my belt, I’ve seen more than my fair share of market fluctuations and skepticism towards Bitcoin (BTC). From the early days when it was just a concept to now, where it’s a household name, I’ve learned to take criticism with a grain of salt.

Recently released CEO of Binance, Changpeng “CZ” Zhao, has expressed his disagreement with the claim that Bitcoin is no longer viable.

On platform X, the early cryptography innovator posted a link to the “Bitcoin is Defunct” site, a resource that monitors assertions about Bitcoin’s demise. Taking advantage of the moment, he highlighted the persistent doubt that surrounds the premier digital currency.

Bitcoin Demonstrates Resilience and Silences Critics

Notably, Bitcoin (BTC) continues to hold its ground as a significant player in finance. At present, it trades at approximately $88,628.58, with a market capitalization reaching an impressive $1.76 trillion. This digital currency is widely recognized as the most prominent cryptocurrency across the globe. Despite this strong position, critics such as Peter Schiff, Christine Lagarde, and even Hilary Clinton have voiced their reservations about Bitcoin.

Many critics have been asserting that Bitcoin poses a threat to the dominance of the US dollar, claiming it has fallen short as a viable currency, labeling it as an illusion or deception, and suggesting investors risk losing their money. Some even go so far as to say Bitcoin is no more. However, despite these predictions pointing towards its downfall, Bitcoin continues to thrive, consistently generating profits and creating millionaires among its owners.

As a result, the creator of Binance advised his audience on X to thoughtfully consider the views of critics. On BuyBitcoinWorldwide’s “Bitcoin is Dead” page, 385 articles stating the death of BTC from different sources were displayed. Meanwhile, 99Bitcoins revealed that Bitcoin was declared dead a total of 477 times. However, these predictions significantly differ from the reality of the leading digital currency.

It’s important to point out that these assertions often surface when the leading cryptocurrency encounters a market slump or faces regulatory issues. Despite the current upward trend, there could still be skeptics who associate the optimistic mood with an upcoming decline.

$1 Million Bitcoin Price Prediction

These negative comments have kept Bitcoin Marxists from filling their bags with BTC.

As a crypto investor, I’ve noticed that as more people start using and holding a particular coin, its influence on exchange platforms increases, thereby promoting its adoption. These Bitcoin enthusiasts, who are multiplying in number, view the coin as a key player in Decentralized Finance (DeFi). This has attracted attention and scrutiny from Traditional Finance (TradFi) circles.

A number of professionals and financial experts are convinced that Bitcoin’s value could reach unprecedented heights. Most recently, Arthur Hayes, co-founder and former CEO of BitMEX, suggested that the digital coin might even surge up to $1 million. His prediction is rooted in the possibility of a pro-cryptocurrency president being elected in the U.S., which could pave the way for a more stringent regulatory framework within the sector. This, Hayes speculates, could ignite a massive price increase.

If Bitcoin’s price rally continues, it’s likely that Ethereum (ETH) and other altcoins will also see an increase in their values due to their correlation with BTC. For instance, ETH is currently up by 5.59%, Solana (SOL) by 2.29%, and XRP by a significant 11.79%. These figures represent their respective increases compared to their values 24 hours ago. The volatility and market cap for each coin, as well as the total volume traded over the last 24 hours, are also provided below:

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2024-11-12 18:48