Binance’s CZ Pokes Fun at ‘Bitcoin is Dead’ Critics as BTC Hits New All-Time High

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Jimmy Aki

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Jimmy Aki

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Jimmy has nearly 10 years of experience as a journalist and writer in the blockchain industry. He has worked with well-known publications such as Bitcoin Magazine, CCN, Business2Community, and...

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November 12, 2024 11:07 EST

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Changpeng ‘CZ’ Zhao, former CEO of Binance, addressed Bitcoin’s critics on Tuesday, reinforcing the cryptocurrency’s resilience as Bitcoin soared to new heights, defying those who once predicted its downfall.

Bitcoin’s Resilience in the Face of Skepticism

Bitcoin has faced repeated criticism over the years, with numerous articles predicting its downfall during market downturns.

The “Bitcoin Is Dead” website, which CZ referenced, has tracked 385 articles since 2010, each forecasting Bitcoin’s end, yet the cryptocurrency has only grown.

The site includes reports that trace Bitcoin’s journey from when it was worth only a cent to June 2022, when it was valued at $20,552.

Bitcoin’s bullish run after Donald Trump’s victory has confirmed CZ’s position.

Bitcoin came close to $90,000 earlier today but has since retraced to around $87,000 at press time, still showing a 25% increase for the week.

This surge follows Bitcoin’s recovery from a dip earlier in the year, driven by renewed investor interest.

The cryptocurrency had shown positive momentum at around $65,500 after CZ’s release from California’s Lompoc II detention center on September 27.

Analysts have forecasted that Bitcoin could reach $150,000 soon, challenging its critics and reinforcing its position in the global financial system.

Binance’s Role in Bitcoin’s Growing Influence

Binance, which plays a crucial role in Bitcoin’s adoption and support, has also been a focal point for the cryptocurrency ecosystem.

As the world’s largest crypto exchange, Binance has seen increasing demand for Bitcoin trading and asset management.

The platform’s continuous expansion further strengthens Bitcoin’s standing in the market, helping to fuel its rise.

Despite these developments, Binance and CZ remain entangled in legal challenges.

Recently, FTX filed a lawsuit against Binance, accusing the exchange of fraudulent activities and seeking the return of nearly $1.8 billion in assets.

The lawsuit claims that Binance and its executives, including CZ, received over $1.7 billion in crypto through fraudulent transfers from FTX, further complicating the exchange’s operations as it navigates its ongoing legal battles.