Who here doesn't remember Changpeng Zhao? I'm sure the world still remembers him.
Despite the highly dynamic nature of the crypto space with daily fresh developments, forgetting the former leader and founder of the world's largest and most popular exchange, Binance, would be absurd. After all, Changpeng Zhao or simply "CZ" was one of the most prominent figures in the crypto ecosystem.
He propelled the cryptocurrency space forward, and the emergence of Binance opened up many opportunities for individuals and businesses. CZ was a notable and undoubtedly influential figure in the industry. However, like all success stories, setbacks accompanied him.
At the end of last year, to everyone's surprise, CZ pleaded guilty to charges that Binance had been fighting against. As a form of compensation, he paid several million dollars to the U.S. government in an agreement with the Department of Justice (DoJ), initially aimed at keeping him out of jail. Yet, relying on the devil has its consequences. CZ not only faces money laundering (and other charges) but also the possibility of serving a hefty sentence for Binance's past failures.
Zhao, in vain tried to request permission from the U.S. government to await the verdict at his home in Dubai, but the request was denied, and he now awaits the verdict in the United States.
The verdict, originally expected in early 2024, was last-minute postponed, and CZ will only know his fate in April, whether he remains free man or follows a path similar to SBT (going to prison).
Bitcoin Surges in the Market
While Zhao's fate remains uncertain, the market goes on. Bitcoin, which hadn't surpassed $50,000 per unit since 2021, not only reached that mark this week but also exceeded $52,000. The market's largest and most popular cryptocurrency received a boost after the approval of an ETF, and many believe it is still gaining momentum, set to reach new heights.
Institutional money is pouring into the crypto market, and Bitcoin ETF paved the way for Wall Street funds to enter. People no longer need to own Bitcoin to make money from it; various Funds enable anyone with money to become a BTC investor without holding the asset, maximizing their potential returns.
Robert Kiyosaki Believes Bitcoin Will Rise Further, Gold Will Fall, and Warns Against Trusting the Fed
The eccentric author of "Rich Dad Poor Dad," Robert Kiyosaki, as always, commented on the current phase of Bitcoin. In one of his tweets, he asserted that the asset still has room for appreciation and that gold would further depreciate.
According to Kiyosaki, who has never hidden his appreciation for Bitcoin, the devaluation of gold would occur because investors would reduce their investment in gold and redirect it to Bitcoin, increasing demand and consequently the price. The famous author also criticized the Fed, accusing the agency of being the main culprit for the economic scenario in which the United States finds itself.
For Kiyosaki, the Fed is creating a poor middle class and further impoverishing those who already were. To make matters worse, they are using their influence to bail out their wealthy friends. Therefore, he urges Americans not to give the Fed space to complicate their lives and advises buying more gold, silver, and Bitcoin to safeguard their finances.
In summary, the week was eventful, from the postponement of Changpeng Zhao's sentencing to the Bitcoin surge, which hadn't exceeded $50,000 per coin since 2021, and Robert Kiyosaki's appeal for Americans not to trust the Fed, as according to him, they are a "criminal organization." He recommends buying more gold, silver, and Bitcoin to safeguard personal finances. If you enjoyed the article or have any comments or thoughts, feel free to use the comment section to engage in discussion. Have an excellent Sunday.
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