Binance CEO Changpeng Zhao (CZ) has argued that Bitcoin is less volatile than stocks with a similar market cap — including Apple and Tesla.
Speaking to Bloomberg News, CZ stressed that he can see volatility in all digital asset classes, and it isn’t something that’s exclusive to the crypto market. CZ calculated that there are now 300 million people in the crypto markets.
He explained that many people who enter the space end up learning about Bitcoin before moving on to other coins. After discovering their use cases.
When asked whether people end up taking on crypto because they see a high price, he added:“There are people who just follow other people, they follow the herd. The herd followers are less committed. Whenever there’s some negative news, they run away; they rush in whenever there’s positive news. They do cause more volatility versus the diehard fans who understand and love the projects.”
On Monday, the crypto market cap recorded notable gains, rising over 4.5% in the last 24 hours. Ethereum (ETH) climbing to breach the $3,000 mark for the first time has been the highlight of the week.
Meanwhile, Bitcoin appears ready to test the $60,000 mark for the first time since mid-April.
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