The CEO of Binance, Changpeng Zhao, says that the right time to buy Bitcoin is when the headlines are discouraging. CZ made the comment via a post on Twitter on June 19. According to him, when there are headlines that tend towards Bitcoin being “dead”, investors who buy at such periods generally do well through the Bitcoin cycles.
As per the post,
“Historically speaking, if you bought #bitcoin every time there is a “bitcoin is dead” headlines, you would have done well”
CZ said that the logic behind this approach is that when most people despair, the bottom is nearly in and Bitcoin is ready for the next cycle of upswings.
Widespread Fear And Investment
Historically speaking, if you bought #bitcoin every time there is a “bitcoin is dead” headlines, you would have done well.
Logic: when they lose hope, that’s when the bottom is in.
NFA. NOT recommending this or any strategy for the future. https://t.co/GMAS446FVI
— CZ 🔶 Binance (@cz_binance) June 19, 2022
In his response, an investor, Crypto Chicks, agrees that widespread fear should be an indication that it is a good time to invest. When most people are selling is actually when those that understand the potentials of the market buy.
“Widespread fear is your friend as an investor, because it serves up bargain purchases. Personal fear is your enemy” says @TCryptochicks
Bitcoin Never Stays Down Forever
Another user, @Tajocrypto said that considering that BTC never stays down for extended periods of time, the right strategy is never to lose hope. There seems to be a consensus that when the headlines are discouraging, BTC is close to its bottom most of the time.
“Hints of death only prove that #btc is alive” wrote Aragon.
BNBCaptain added that whenever there are insinuations about the death of Bitcoin, there is an opportunity for investors who never invested in the digital currency to do so.
“Every time Bitcoin Dead means More people get opportunities to get Bitcoin” he said.
Yearly Bitcoin Price Today
Bitcoin is currently trading at $21,430. A year ago, the price was $31,677. 2 years ago, it was $9,304. 3 years ago, the price was $10,145. 4 years ago, it was 6,740, while it traded at $2,680 five years ago. 6 years ago, the price of the digital currency was $667, a year earlier, it was $240. Eight years ago, it was higher at $590, while 9 years ago from now, the coin traded at just $110.