CZ Reveals Why He’s Not Making Huge “Profits” from Bitcoin's $100,000 Surge

Bitcoin Breaks $100,000, But CZ Isn’t Raking in the Profits

Bitcoin has finally broken a major milestone, soaring above $100,000 for the first time in its history, igniting a wave of excitement within the cryptocurrency community.

However, as many investors celebrate skyrocketing profits, former Binance CEO and co-founder Changpeng Zhao (CZ) made it clear that he was not among them.

CZ's Perspective: No Massive Profits from Bitcoin's Surge

In a X post that has caught the attention of many, CZ shared his thoughts on the recent Bitcoin price surge, which saw the cryptocurrency rise by 9.25% in just 24 hours, reaching a new all-time high of $102,823.

While others rejoiced in their newfound wealth, CZ remained grounded, admitting that he had not benefited significantly from the surge:

"Congrats! You made a lot of money on bitcoin, right? Me: No, not exactly."

CZ explained that his Bitcoin holdings had remained unchanged, and he had not been actively buying the dips.

"I still have the same number of bitcoins," he stated.

Instead, he pointed out that as Bitcoin's price climbs, the relative value of everything else, including other assets like Binance Coin (BNB), becomes cheaper.

This suggests that, while Bitcoin continues to appreciate, CZ’s view of wealth is centred on the digital currency as a standard, not based on its market price.

Binance Coin Hits Record High Amid Bitcoin's Surge

Coincidentally, Binance Coin (BNB), the cryptocurrency launched by CZ alongside Binance in 2017, reached new heights earlier this week.

On Wednesday, BNB surged to a fresh all-time high of $793, further solidifying its place in the market.

This, however, did not change CZ’s stance on Bitcoin as his main focus.

Old Bitcoin Whales Resurface as the $100,000 Mark Is Reached

As Bitcoin reaches new all-time highs, the cryptocurrency world has also witnessed some fascinating movements within its oldest wallets.

According to Whale Alert, two ancient Bitcoin wallets, dormant for 12 and 13 years, were activated once again.

These wallets, which had been untouched since 2011 and 2012, contained 10 BTC and 50 BTC, respectively.

The 10 BTC wallet, once worth just $50, is now valued at over $1 million, while the 50 BTC wallet, which had originally been worth $219, is now valued at over $5 million.

These "whale" movements appear to be linked to the recent surge past the $100,000 mark, with some Bitcoin maximalists suggesting that this is just the beginning of a larger upward trajectory.

Many speculate that Bitcoin could eventually reach $1 million per BTC, and these old wallets seem to be awakening at an opportune moment.

Will Altcoins Follow Bitcoin's Lead?

As Bitcoin continues to climb, the performance of other cryptocurrencies remains an area of interest.

While Binance Coin has seen significant growth alongside Bitcoin’s surge, the market’s response to altcoins in the new landscape of over $100,000 Bitcoin remains uncertain.

It will be intriguing to see whether other cryptocurrencies can maintain momentum as Bitcoin solidifies its dominance in the digital currency market.

Whether CZ will adjust his Bitcoin holdings or maintain his position, his focus on Bitcoin as the standard currency, rather than the market’s fluctuating price, continues to influence his perspective.