Today, Binance parades itself as the biggest cryptocurrency exchange in the world. This great achievement did not come by chance; it is a result of patience, consistency, determination and perseverance. The CEO of Binance exchange Changpeng “CZ” Zhao popularly known as CZ in the crypto industry bought his first Bitcoin in 2014.
In 2014, CZ took a critical decision which seem rather foolish to many when he sold his house and invested the money in Bitcoin during the end of the 2013 crypto bull run. CZ bought his first Bitcoin at the cost of $600/1, only to see the price of the asset crash to $200/1. In the words of CZ;
“I sold my house and bought into Bitcoin in 2014. Immediately the price went from $600 to $200 and stayed there for 2 years, but I didn’t sell. I Actually didn’t really care. I knew the price would get up again, and it did.”
CZ was a victim of a serious bear market after he bought his first Bitcoin, but he never gave up, he never panic sold at loss. In fact from his statement above, you can see that he never gets worried. He patiently waited and today we know the whole story.
In the same manner, any of us who wishes to “HIT IT BIG” in this industry must learn and imbibe the same attitude demonstrated by CZ. The simple truth is that in this bear market, the whales, commercial banks and the likes are busy buying at cheaper rate. It will pay you in the long run to keep the little you have instead of panic selling at the moment. Again, the entire market will bounce back in time and in a bigger way than we ever expected, the only thing I don’t know now is when that will be. BE PATIENT!