Binance Founder, Zhao Warns of Cryptocurrency Risk as N25.4trn Vanishes From His Wealth in Months
- Binance Founder Zhao has sent an important message to his followers on cryptocurrency investment
- In a cheeky five-letter word tweet, the world's richest cryptocurrency billionaire reminded everyone the crypto world is not as easy as it looks
- His advice comes after he has lost over N25.4 trillion since the beginning of the year due to the cryptocurrency market collapse
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Changpeng Zhao, the founder of Binance, the largest cryptocurrency trading platform, has issued a serious warning to cryptocurrency traders.
He gave this warning in a tweet on Sunday as the market continue to suffer heavily.
Zhao, according to Bloomberg, is the world's richest billionaire crypto billionaire and is currently worth $34.9 billion.
Source: Facebook
But his wealth could have been a lot higher given should it not been the cryptocurrency slump that wiped off $60.9 billion (N25.4 trillion) from wealth since the start of the year.
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Cryptocurrency poor performance
Since the start of the year, the value of the cryptocurrency market has suffered a serious devaluation resulting in huge losses.
Analysis showed that the cryptocurrency market's volatility was driven by its most adopted cryptoasset.
Bitcoin alone dipped -47.9% year-to-date, with its market price losing $22,206.78 in eight months to sell at $24,104.96 as at August 8, 2022.
Binance founder warning
With the cryptocurrency market capitalisation dwindling to $1.13 trillion from $2.24 trillion in eight months, Binance's founder said that the digital currency market is highly risky.
His submission could increase scepticism that prevents mass adoption.
In a tweet on Sunday, Zhao wrote to his 6.7 million followers on Twitter.
“Crypto is high risk, high volatility."
Ray of hope for investors
Last month, Zhao stated that the bear market currently being experienced isn’t new to long-term cryptocurrency investors,,
“In crypto, most OGs had to go through one bear cycle where people laughed at them. Those who bought/held in the bear market in 2018/2019 ($3,000) or 2014/2015 ($200) are fine today. And @nayibbukele and @saylor will be fine.”
“For crypto now, early adoption phase, still a lot of skepticism from mass consumers, what’s bad for one project is usually bad for other projects too. Also, market is nowhere near saturated. It’s a growing together phase."
List of top 10 richest crypto billionaires in the world
Meanwhile, in an earlier report, Legit.ng revealed the list of richest crypto billionaires in the world.
Using data from Forbes's 2022 richest billionaires list, the names included young persons not more than 50 years.
Top of the list is Changpeng Zhao, Sam Bankman-Fried, and Brian Armstrong– all are at the helm of cryptocurrency exchanges.
Source: Legit.ng
