The head of Binance ridiculed the statement of Bitcoin skeptic

Binance CEO Changpeng Zhao Responds to Jim Cramer's Recommendation to Sell Bitcoins

Jim Cramer, a well-known financial commentator, has been vocal about his negative views on Bitcoin, advising investors to sell the cryptocurrency at a loss. On January 8, when Bitcoin hit $17,000, Cramer advised crypto enthusiasts to get out of the market, claiming that neither Bitcoin nor Chinese stocks are trustworthy.

"This is a good chance to get out of crypto and reduce positions in Chinese stocks, since neither of them are trustworthy," 

stated Jim Cramer

Binance CEO Changpeng Zhao responded to Cramer's recommendation on January 14, mocking the financial commentator for being wrong about Bitcoin's price trend. Zhao urged skeptics like Cramer to stop spreading Fear, Uncertainty, and Doubt (FUD) messages about the crypto market.

"It looks very accurate right now. Cramer posted the message on January 9th, the day before Bitcoin surged from 16,000 to 20,000," 

said Changpeng Zhao

According to Zhao, Cramer's prediction was inaccurate since Bitcoin surged from $16,000 to $20,000 on January 9, the day after Cramer made his recommendation. Zhao's statement highlights the importance of not blindly following the opinions of financial experts, especially when it comes to the volatile world of cryptocurrency.

Cramer continued to advise investors to close their positions even as Bitcoin's price rose to $21,000 a week later. However, the crypto market has since shown a positive trend, with the market capitalization of all coins rising by over $200 billion since the start of the year, almost reaching $1 trillion, compared to below $790 million in December.

As cryptocurrency continues to gain mainstream acceptance, it is crucial to stay informed about its price movements and not be swayed by the opinions of financial commentators. The recent surge in Bitcoin's price is a testament to the resilience of cryptocurrency and its potential to provide investors with significant returns.

Jim Cramer's negative views on Bitcoin are not new, and he has been known to advise investors to sell their Bitcoin holdings in the past. However, his recommendation to sell Bitcoins at a loss when the cryptocurrency was hovering around $17,000 raised many eyebrows, especially among crypto enthusiasts.

Changpeng Zhao, the CEO of Binance, the world's largest crypto exchange, was quick to respond to Cramer's recommendation. He pointed out that Cramer's prediction was inaccurate, as Bitcoin surged from $16,000 to $20,000 on January 9, the day after Cramer advised investors to sell their Bitcoins.

Zhao's response highlights the importance of not blindly following the advice of financial experts, especially when it comes to the volatile world of cryptocurrency. While it is essential to consider the opinions of financial experts, it is equally important to do your research and stay informed about the latest developments in the crypto market.

Despite the recent fluctuations in Bitcoin's price, the overall trend of the crypto market has been positive since the start of the year. The market capitalization of all coins has risen by over $200 billion, reaching almost $1 trillion, a significant increase compared to below $790 million in December.

The recent surge in Bitcoin's price is a testament to the resilience of cryptocurrency and its potential to provide investors with significant returns. However, it is crucial to remember that investing in cryptocurrency is not without risk. The price of Bitcoin and other cryptocurrencies can be extremely volatile, and investors should be prepared to handle the ups and downs that come with this investment.

In conclusion, the recent exchange between Jim Cramer and Changpeng Zhao highlights the importance of staying informed and doing your research when it comes to investing in cryptocurrency. While financial experts can provide valuable insights, it is ultimately up to investors to make their own decisions based on their research and risk tolerance.