With all the uncertainty the crypto market is currently facing, it may not be a good time to buy more crypto unless buyers know exactly what they are doing.
So said Changpeng Zhao (CZ), CEO of Binance, who gave advice during an Ask Me Anything (AMA) session broadcast live on Twitter recently.
This advice seems a little strange coming from someone who profits from the investments made by investors in the crypto market. But it must be said, given the drama that is happening in the sector now, the advice is seen as coincidental.
Crypto 'degens' will probably say that it's time to increase holdings because of the price drop that has been the mantra in the crypto market for years, as bitcoin is always going up inexorably.
Nevertheless, CZ is in the mood to provide what appear to be some sensible suggestions. He stated;
"You shouldn't invest in crypto if you use money you need for next week or next month, you should only use discretionary cash that you won't need for a long time,"
The Binance CEO went on to talk about "high volatility" and "uncertainty" in the current state of the market. His view is that this is not a good environment for inexperienced traders to enter the market, or to buy more crypto.
“Unless you're very experienced, very mature, very confident, and can handle risk, I would recommend most people just hold out for this period of time,” CZ continued.
CZ previously also expressed his desire to organize an "Industry Recovery Fund" project to help stronger crypto projects that are going through a liquidity crisis. He promised to inform the community about further developments as time goes by.
