CZ Offers Unpopular Christmas Advice to Bitcoin Buyers

Crypto investors have suffered intense pain as the market has been in a downward trend for months with no respite. In the midst of the ongoing pain, Binance former CEO Changpeng “CZ” Zhao has offered intending Bitcoin buyers an advice that many find unappealing. 

CZ in a December 25th message on X said many Bitcoin fans usually think they should have bought Bitcoin early when the coin reaches an all-time high, without considering that the early buyers bought at a time of fear, uncertainty, and doubt (FUD).

The crypto icon may be implying that the current time when Bitcoin is struggling with a lot of uncertainty around it may offer the perfect opportunity to intending buyers. This is contrary to the popular pattern in which retailers rush in to buy the asset when it is already approaching the top in fear of mission out (FOMO).

CZ Advices Buying the Blood

There is a principle that successful investors have held onto for decades, which is to “buy when there’s blood on the streets even if it’s your own”, attributed to Baron Nathan Mayer Rothschild. Successful Bitcoin investors also seem to have practiced this advice during the 16 years of its existence, buying when there is much fear and selling when there is greed.

CZ has repeatedly pushed this narrative in his tweets to educate his followers about when to buy and when to sell. Although some of the posts have received backlash from some frustrated followers, other top Bitcoin investors have often pushed similar thoughts.

Bitcoin mogul Michael Saylor has also hinted on this practice at certain times in his X posts. Saylor stands out as one of the biggest believers in Bitcoin, publicly declaring that his company, Strategy doesn’t sell Bitcoin but buys it to hold for the long run. He has also faced backlash over this conviction recently, something experts say is an indication of a potential Bitcoin reversal. 

Bitcoin’s Current Trend Discourages Investors

While Bitcoin has had a great price history over the 16 years of its existence, its current state leaves very little for investors to desire. The coin has been locked in a range with a top at $90,000 and very little strength to break through, worsening investors’ frustration.

Some analysts believe it could take a few months before the trend breaks and a bullish reversal takes place. This makes the time one for making a decision to either buy as CZ advises or watch on the sidelines and FOMO later.

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