Changpeng Zhao, the Chinese-Canadian businessman who is the founder and CEO of Binance, has weighed in on the current state of the cryptocurrency market, predicting that a lot of funds will enter the industry and encouraging everyone to join the bandwagon. This he said as a response to a prediction he had made a little over a month ago.
Earlier in February, CZ had tweeted a link with a picture, which showed the top 10 tokens in the market according to their market capitalization ranking. Binance Coin, which is run by Binance and is the world’s largest cryptocurrency exchange when ranked by the sheer volume of trades, was at number one with a price of $19.9 and a market cap of $2,708,637,694. Other tokens on the list, falling after BNB include the USDT, MKR, and BAT with TCT coming in at the 100th position.
I guess this was true. Plenty of money ready to jump in, and in full FOMO mode.
Everyone will be in Crypto. Don’t get left behind! https://t.co/rfvRS7uhGK
— CZ Binance (@cz_binance) April 2, 2019
At the time he posted the tweet, he accompanied the link with the caption “What does this tell you?” resulting in a reply from an enthusiast who said that there was “a lot of money floating around?”. Zhao then agreed with him saying
“Yes, there is more money parked in pseudo fiat than most token (not including coins of course).”
Now, on the 2nd of April, in his “encouragement” tweet, Changpeng Zhao quoted the above tweet and wrote:
“I guess this was true. Plenty of money ready to jump in, and in full FOMO mode. Everyone will be in Crypto. Don’t get left behind!”
Possible Reason
FOMO directly stands for ‘Fear Of Missing Out’. This describes a situation where people notice that a particular asset is suddenly doing very well and to avoid missing out on the progress and possible profits from investing in that coin, they buy heavily into it, even selling other assets to buy that particular one and possibly start to hodl.
Bitcoin successfully hit and crossed the $5000 mark but along with that, a few other altcoins increased considerably in value. Based on this, Zhao may have predicted that a lot of people, especially people who aren’t currently in the market, would want to buy into a few positions for the fear that they would potentially miss out on a great investment opportunity.
This isn’t the first time a prediction like this has been made in recent times as a different crypto analyst also predicted an April break out for Ethereum that it would reach a height of $2,090. Now, we wait for time to tell us who’s right.
