By Solomon Odunayo
The founder and CEO of Binance, Changpeng Zhao popularly known as CZ Binance has recently compared the present situation of Bitcoin (BTC) in the market to 2011 when the digital currency was priced at $1.
Over the past few days, Bitcoin has been going back and forth around $10,000 price region. Due to this BTC price instability, many cryptocurrency enthusiasts are envisaging the possibility of an emerging bear market.
Some cryptocurrency fans are already anticipating the before-halving positive impact on Bitcoin price as played out in the past according to history. However, history does not always repeat itself, as several unforeseen circumstances could prevent playing out.
CZ Binance Brings Back the Past Memory about Bitcoin (BTC)
This came about after a cryptocurrency pundit Nathaniel Whittemore brought back a post shared on Bitcointalk 9 years ago when BTC was still trading at $1.
The post averred exclusively about the prospect of Bitcoin. This scenario took place in just 2 years from the emergence of the first and largest digital currency.
Reacting to this aged post, Nathaniel acknowledged the confidence that the writer had in Bitcoin in barely 2 years of its emergence, and when the cryptocurrency was priced at $1.
He wrote this, “Exactly 9 years ago a bunch of misfits were on Bitcointalk spittin about how this thing that had just barely reached $1 would be the money of the future. But tell me again how early HODLers were just lucky and in the right place at the right time.”
In response to the above comment, the CEO and founder of Binance, Changpeng Zhao (CZ) pointed out that BTC at $1 in 2011 is now priced above $9,000.
He shared, “$1 dollar 9 years ago. If someone told you then, it will be $9000 in 9 years time, and people will still call it a bear market, would you think those people are crazy?”
$1 dollar 9 years ago.
If someone told you then, it will be $9000 in 9 years time, and people will still call it a bear market, would you think those people are crazy? https://t.co/GO4zJ63uBd
— CZ 🔶 Binance (@cz_binance) February 23, 2020
Bitcoin (BTC) is beginning to show the possibility of a fresh retest of $10,000 resistance level, considering the recent increase recorded.
At the time of filing this report, BTC is trading at $9,867.82, with a relatively 2% price upsurge in the last 24 hours.