Although the uncertainties surrounding the broad crypto market have continued to grow as Bitcoin continues to show unstable price moves, industry experts like Binance’s CZ are unmoved about their stance on the leading cryptocurrency.
Earlier on Monday, March 23, Changpeng Zhao, the founder of the world’s largest cryptocurrency, Binance, has stirred debates across the crypto community after describing Bitcoin as a “hard asset.”
CZ’s bullish Bitcoin post came amid a broad crypto market downturn, which suggested that investors' sentiments were growing weak, making the post a subject of argument.
What makes Bitcoin hard asset?
While CZ did not offer further explanations in his short description of Bitcoin, the crypto community believes the crypto veteran is implying that Bitcoin shares the same quality with traditional assets that are scarce in nature.
Usually, tangible or scarce resources that retain value over time and are resistant to inflation are described as hard assets. While Zhao further noted that his description also includes other top crypto assets, the post has received mixed reactions from the crypto community.
Although CZ did not name specific tokens, the statement suggests confidence in the potential long-term value of major cryptocurrencies that dominate the market, like Ethereum, XRP, Solana and possibly some others.
CZ stirs debate
Although the post typically reinstates CZ’s bullish stance on Bitcoin, his description about the asset has received mixed reactions, with some commentators expressing disagreement.
While some comments have supported CZ in his take on the asset, others argued that Bitcoin cannot be classified as a hard asset because of its volatile nature.
One of the comments specifically noted that a hard asset does not usually fluctuate 20% in a week, dismissing CZ’s claims on the leading cryptocurrency.
