Binance CEO CZ: Bitcoin is less volatile than stocks like Apple and Tesla

Changpeng Zhao says the crypto faithful are in it for tech compared to gain chasers looking for the next “moon-shot gem.”

Binance CEO Changpeng Zhao has commented on the volatility of Bitcoin (BTC), stating that the largest crypto by market capitalization is probably less volatile than the stock prices of similarly-sized companies by market capitalization such as Apple and Tesla.

Data from Woobull shows Bitcoin’s 60-day volatility steadily declining since the start of 2021. However, figures from the investment research portal AlphaQuery show that Tesla and Apple stock prices still have significantly lower 60-day volatilities over the same period.BTC 60-day Volatility, courtesy Woobull Charts

Speaking during an interview with Bloomberg TV on Monday, the Binance chief argued that crypto’s volatility was not unlike the situation in the stock market, adding: “Volatility is everywhere […] It is not unique to crypto.”

“There’s always a large number of people having the herd mentality than the guys who actually do serious research.”@cz_binance, founder of the world’s largest cryptocurrency exchange Binance, discusses volatility of #cryptocurrency markets on @BloombergTV— Bloomberg (@business) May 3, 2021

For Zhao, yield chasers who are often not as committed to crypto projects as the actual true believers are often to blame for choppy price actions due to their large numbers.

“There’s always a large number of people having the herd mentality than the guys who actually do serious research.”

“Whenever there is some negative news, they [herd followers] run away, whenever there’s positive news, they try to rush in and so they do cause more volatility,” Zhao stated.

The executive’s characterization of crypto believers as being more “die-hard fans who understand and really love the project” is consistent with his previous remarks about his personal disposition to the industry as a whole.

Back in April, Zhao revealed that he holds nearly 100% of his net worth in cryptocurrencies.

The crypto market is enjoying a Monday of significant gains, with the total market capitalization up more than 4.5% in the last 24 hours.

Ether’s (ETH) climb to breach the $3,000 mark for the first time ever has been the highlight of the day especially among the top-10 ranked tokens according to market capitalization.

Bitcoin appears set to test the $60,000 mark for the first time since mid-April, which preceded a minor correction below $50,000 on April 24.

You might be interested in …

Bitcoin dips under $60,000 — What’s pulling down BTC price?


The price of Bitcoin suddenly dropped below $60,000 days after the Coinbase public listing. The price of Bitcoin (BTC) declined below $60,000 on April 17 after a strong rally throughout the past week in anticipation of the Coinbase public listing on Nasdaq. However, after the COIN listing, which is the ticker of the Coinbase stock, […]

Read More

GBTC has a new a competitor in the OTC Bitcoin trust market


Another way to buy Bitcoin in stock form has surfaced. A firm called Osprey Funds is offering an over-the-counter, or OTC, Bitcoin (BTC) trust under the ticker symbol OBTC. The trust is similar to Grayscale’s Bitcoin Trust, known as GBTC. “The Osprey Bitcoin Trust provides easy access to bitcoin,” the firm’s website says. “With a […]

Read More

US Court Sentences Bitcoin Scammer to 3 Years in Prison After Massive Twitter Hack to Promote BTC Scam


The mastermind behind a large-scale Twitter hack to promote a bitcoin giveaway scam has pleaded guilty and been sentenced to three years in prison. During the hack, a number of high-profile companies, politicians, and celebrities saw their accounts taken over to promote the cryptocurrency scam. Graham Ivan Clark, the Florida teen who hacked prominent Twitter […]

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *