Binance CEO CZ Zhao doesn't think anyone selling or buying can fundamentally impact the asset - including Tesla CEO Elon Musk. To demonstrate his faith in the leading cryptocurrency, CZ said he still holds most of the BTC he bought when he first entered the crypto industry.
A sale that does not worry CZ
Commenting on Tesla's decision to dump 75% of its bitcoin holdings, the Binance boss takes the news lightly. He claims that Elon Musk's decision whether to sell or buy the asset ' doesn't mean much ' as his move will not change the fundamentals of BTC.
Tesla's CEO revealed the reasons for the sale a few days ago, saying the company needed funds for newly opened factories in the US and Germany, as well as better cash flow to support its business in China, which has been strongly affected by the prolonged closure due to Covid-19.
CZ - who has already put up $500 million to back Elon Musk's ambition to acquire Twitter - added that no one knows precisely why Musk sold a large amount of bitcoin, saying the richest man in the world world may need cash to buy Twitter in the second quarter.
Discussing the ongoing contagion that has triggered numerous back-to-back bankruptcies, CZ clarified in a previous interview with CNBC that Binance has “very minimal exposure” to struggling lenders like Celsius and Voyager. The exchange acted neither as a creditor nor as a debtor, he added.
When asked if Binance had analyzed the risks inherent in these companies a while ago, which explains why Binance avoids them as much as possible, CZ humorously replied:
"I think it's because we're stupid. We like to keep things simple… We're an exchange and that's why we're not in the lending business."
Binance seems far from dumb when it comes to business , continuing its foothold in Europe and around the world.
The company also became last week the exchange holding the most BTC, ahead of its historic competitor Coinbase.
CZ does not sell its Bitcoins
When asked if he had sold any of his bitcoin positions in the midst of this bear market, CZ replied that he had kept almost all of the “originals” purchased at the start of his adventure and that he had only spent “less than a single percent” of the reserve he had accumulated.
Earlier last month, CZ claimed he has no fiat, and all he has is crypto – so it's the only asset he uses for purchases in life.
"For me, I have no dollars. Everything I have is in crypto. So when I need to spend money, I have to spend some of it somewhere. I don't have to think about selling cryptos. Crypto is my money."
Cz once again reaffirms its strong beliefs about Bitcoin and all cryptocurrencies. The CEO of the main exchange in the world does not intend to sell his BTC and continues to believe in the development of digital assets in the future.
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