Changpeng Zhao, widely recognized as CZ in the cryptocurrency community, has taken to X (formerly Twitter) to issue an important advisory to his 9 million followers amidst Bitcoin's recent price surge. In his tweet, CZ emphasized the importance of being on the right side of history as the flagship cryptocurrency continues to make headlines.
CZ's reminder is particularly timely, as Bitcoin recently soared to new heights. He referenced a post from November 1, 2023, where he discussed the potential of Bitcoin as a “better form of money that could benefit billions.” He cautioned the crypto community that being on the wrong side of this revolution would not be a legacy anyone would want to leave behind.
In his November 15 tweet, CZ reiterated the importance of understanding and supporting the broader vision of cryptocurrency's role in the global financial system.
"Be on the right side of history."
— CZ 🔶 BNB (@cz_binance) November 15, 2024
This message comes as Bitcoin regains the $90,000 mark following a recent surge. Bitcoin had reached an all-time high (ATH) of $93,434 on November 13, before experiencing a slight 5.7% drop. This price increase coincided with recent political developments in the United States and a 25-basis-point interest rate cut by the Federal Reserve—the second such rate cut this year.
In response to the ATH, CZ cautioned the community that Bitcoin's price would continue to experience volatility. He emphasized the importance of managing risk, resisting the temptation of excessive greed, and diversifying investments rather than "putting all their eggs in one basket."
Pennsylvania Introduces Bill to Establish Strategic Bitcoin Reserve
In another major development, lawmakers in Pennsylvania have introduced a groundbreaking bill aimed at allowing the state treasury to hold Bitcoin on its balance sheet. This initiative marks a significant step toward broader institutional adoption of Bitcoin as a store of value.
The bill, introduced on November 14, 2024, would allocate 10% of Pennsylvania's $7 billion state budget to Bitcoin. This proposal is part of a growing movement to integrate Bitcoin into public finance. Notably, this idea was first championed by U.S. Senator Cynthia Lummis of Wyoming, who proposed a national-level strategy in July to purchase Bitcoin with federal funds.
The Pennsylvania initiative is the first of its kind, with the state treasury potentially purchasing up to 200,000 BTC per year over the next five years. This strategic reserve would ultimately see Pennsylvania acquire up to 1 million $BTC , or approximately 5% of Bitcoin’s total maximum supply of 21 million coins.
This move underscores Bitcoin's increasing recognition as a legitimate store of value, aligning with broader institutional and governmental interest in diversifying their financial portfolios with digital assets.
Conclusion
As the price of Bitcoin continues to rise, both institutional and individual players in the crypto space must carefully consider the implications of these market movements. CZ’s warning to "control greed" and "manage risks" serves as a timely reminder in an increasingly volatile market. Meanwhile, Pennsylvania's bold move toward a Bitcoin reserve could set a precedent for other states and countries to explore similar strategies in the future.
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