Changpeng Zhao (CZ), founder and former CEO of Binance, shares financial tips on how crypto investors can build wealth.
According to an X post yesterday, the founder of Binance criticized Crypto for focusing on the short-term benefits. He highlighted that many investors spend huge amounts of money seeking small and quick profits.
In particular, investors who use this strategy are often referred to as “degen.” A quick profit search will make them invest in what looks promising. However, they completely ignore the risks associated with tactics, which sometimes leads to huge losses.
CZ Tips for Building Wealth
According to CZ, Crypto investors should focus more on ethics teams committed to developing long-term utility projects. Ethical teams are more likely to focus on sustainability, innovation and real-world impacts on short-term hype.
Interestingly, CZ has always defended teams building innovative solutions for the long term. Last year he encouraged the broader crypto community to prioritize the development of practical blockchain applications rather than meme-related projects.
In his recent tweet, the founder of Binance emphasized that “large amounts of money are slowly built with stamina.” This highlights the importance of perseverance, sustainable efforts and long-term strategies in building wealth, especially in the crypto market.
His commentary suggests that investors should prioritize fundamentally strong assets developed by ethical teams rather than chasing small and quick profits.
In 2023, the founders of Binance argued that long-term accumulated profits were much greater than short-term profits.
The total Crypto Daily liquidation is close to $630 million
CZ’s recent advice is as the market continues to experience a major recession. In particular, Bitcoin prices hit 24 hours to $80,052, from $86,000 to $80,052, a drop of 6.91%. This dip, which had ripple effects across the wider crypto market, has caused major losses to many short-term traders.
Coinglass data shows that $628.86 million has been liquidated from the market over the past 24 hours. The long position accounts for $534.7 million, while the short position has registered a liquidation of $94.16 million.
Despite the increased volatility in the market, most investors who hold utility tokens are optimistic about making significant returns on their investments over the long term.
Disclamier: This content is informative and should not be considered financial advice. The views expressed in this article may contain the author’s personal opinions and do not reflect the basic opinions of the code. Readers are encouraged to conduct a thorough investigation before making an investment decision. Crypto Basic is not liable for any financial losses.
