CZ reflects on Bitcoin’s surge, emphasizing its value preservation, while dormant wallets reactivate as BTC hits a new milestone.
Bitcoin BTC $108 401 24h volatility: 0.1% Market cap: $2.16 T Vol. 24h: $36.16 B has continued its bullish movement as it spiked above $100,000. The increase in the price of the coin has thrown many crypto enthusiasts into an exciting mood. Binance co-founder and former CEO Changpeng Zhao (CZ) has also reacted to the Bitcoin on his X page.
CZ congratulated the crypto community for Bitcoin’s new milestone on December 4. He mentioned that while others made money from its price rise, he didn’t. He still holds the same amount of Bitcoin, but its value has grown, making other things seem cheaper in comparison.
Them: congrats! you made a lot of money on bitcoin, right?
Me: No, not exactly. I still have the same number of bitcoins. It's just that everything else became a little cheaper, relative to bitcoin.
— CZ 🔶 BNB (@cz_binance) December 5, 2024
These words from Changpeng Zhao reflect a common view in the crypto community, where Bitcoin is seen as a store of value and a measure of wealth, not just an asset priced in fiat currency.
Long-Term Holders Eye Future Bear Markets and Value Preservation
Crypto content creator AB reacted to the post, saying his plan is to keep holding the coin longer. He predicted that the next bear market could see Bitcoin bottom between $60,000 and $80,000.
AB further stated that he would keep buying more Bitcoin as the goal is not to make money but to preserve value. He remarked that BTC remains his strongest asset.
Me: Not exactly, I’m not selling my Bitcoin. My plan is to hold onto it long-term. I believe the next bear market could see a bottom in the $60k-$80k range, so I’ll keep holding and potentially accumulate more. It’s not just about making money—it’s about preserving value. Bitcoin…
— AB (@Abrlien) December 5, 2024
Dormant Bitcoin Wallets Reactivate as BTC Hits New Milestone
Whale Alert, a crypto tracker, showed that an old Bitcoin wallet, inactive for 13 years, was accessed. The 50 BTC it held, worth $219 in 2011, is now valued at over $5.16 million.
Similarly, another wallet that had been unused for more than 12 years was also awake. Whale Alert revealed that the crypto wallet contained 10 BTC worth around 50 USD in 2012. The value of this same BTC is now around $1.23 million.
The recent activation of the dormant account is not a surprise, as the price of BTC set a new milestone, surging beyond the $100,000 mark. The coin is currently trading at $102,835. Many Bitcoin enthusiasts believe this is just the beginning of more price jumps.
Thus, it is quite hard to predict how high the price of BTC could go soon. However, its increase is expected to have a ripple effect on altcoins, causing them to spike as well.
next