Changpeng Zhao (CZ), the former CEO of the leading exchange Binance, did not hesitate to share his challenging journey with Bitcoin. CZ recounted the interesting story of buying Bitcoin in 2014 when the market was in a downturn and his determination faced challenges. With limited capital, he could not buy more when prices dropped or take profits during tough times. It was a difficult beginning.
However, the story does not stop there. The initial hard days transformed into a resounding success story as the price of Bitcoin witnessed impressive growth – over 35,800% since he started buying.
Changpeng Zhao
An investment of less than $3,000 at that time could have yielded millions of dollars today. For Zhao, his perseverance and 'diamond hands' have been rewarded, with an estimated fortune of over $60 billion.
This is particularly important as the crypto market is currently facing stress, with $1.7 billion in derivative positions recently liquidated. However, CZ's message is not one of boasting; he simply wants to emphasize the role of luck, timing, and the lessons that each person can learn from it, while also giving a subtle warning to others.
I do not encourage everyone to follow my strategy,” CZ shared, emphasizing that although his strategy was profitable, the market conditions at that time played a crucial role in this success, and not everyone can replicate similar results.
The important lesson here is that success does not come from executing a perfect strategy but from perseverance. An even greater lesson is that investment strategies need to be personalized, flexible, and adaptable to market conditions. However, the history of Bitcoin has shown that sometimes, patience and the ability to stand firm is the key to success, rather than trying to take any action.
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