When CNBC Buried Bitcoin Too Early
Changpeng Zhao (CZ), a prominent figure from Binance, has reignited a debate on the volatility of cryptocurrencies in response to the alarmist statements made by CNBC back in 2018. At that time, the show Fast Money had staged a symbolic “burial” of Bitcoin and Ripple (XRP), mocking experts like Tom Lee and Michael Novogratz in the face of a sharp price drop.
Today, CZ is using this media mistake to highlight the strength of crypto fundamentals, as Bitcoin surpasses $105,000 and XRP reaches $2.10.
In June 2018, as Bitcoin dropped below $6,000 from a peak of nearly $20,000 in 2017, CNBC had declared its demise. Ripple, on the other hand, had lost 84% of its market cap, falling to $0.50. The presenters, including Melissa Lee and Dylan Ratigan, had ridiculed bullish forecasts.
Yet, seven years later, the numbers contradict these announcements: Bitcoin has multiplied its value by 17, and XRP has rebounded despite regulatory challenges. CZ emphasizes that even crypto players had been wrong, highlighting the limitations of media analysis in the blockchain space.
CZ Advocates a Bullish Vision
In a recent post, CZ admits that downturns invite hasty judgments, but he remains optimistic. “Bitcoin is far from having said its last word,” he says, predicting an ambitious target of $1 million by the end of the cycle.
He sees every dip as a disguised opportunity, highlighting the increasing adoption by institutions, central banks, and sovereign wealth funds. This vision is supported by emerging real use cases, such as cross-border payments and store of value.
Ripple is not exempt from this resilience. Despite legal battles with the SEC, which weighed on its price in 2020-2021, XRP is now trading at $2.10, marking a remarkable rebound. CZ and other experts believe that these periods of doubt are ideal for long-term investments, especially in a context where international payments are gaining importance.
For investors, this saga teaches three key principles: ignore emotional announcements, rely on technological fundamentals (such as Bitcoin’s decentralization or XRP’s efficiency), and anticipate natural market cycles. These lessons are crucial in an industry where media narratives evolve faster than underlying realities.
In conclusion, by 2025, Bitcoin and Ripple challenge their critics, driven by increasing adoption and solid fundamentals. CZ’s response underscores the importance of a long-term vision, away from hasty judgments. As Web3 and decentralized finance reshape the landscape, these assets emerge as pillars. Keep a close eye on them in the months to come.
