Binance CEO CZ: Bitcoin is less volatile than stocks like Apple and Tesla
May 3, 2021. Summarized by summa-bot.
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Binance CEO Changpeng Zhao says volatility is not unique to the crypto market and that yield-chasers are mostly responsible for the choppy price action of cryptocurrencies.
Binance CEO Changpeng Zhao has commented on the volatility of Bitcoin (BTC), stating that the largest crypto by market capitalization is probably less volatile than the stock prices of similarly-sized companies by market capitalization such as Apple and Tesla.
However, figures from the investment research portal AlphaQuery show that Tesla and Apple stock prices still have significantly lower 60-day volatilities over the same period.
Speaking during an interview with Bloomberg TV on Monday, the Binance chief argued that crypto’s volatility was not unlike the situation in the stock market, adding: “Volatility is everywhere […] It is not unique to crypto. ”
"There's always a large number of people having the herd mentality than the guys who actually do serious research. "@cz_binance, founder of the world’s largest cryptocurrency exchange Binance, discusses volatility of #cryptocurrency markets on @BloombergTV pic. twitter. com/UAT4Kpy1tu— Bloomberg (@business) May 3, 2021
For Zhao, yield chasers who are often not as committed to crypto projects as the actual true believers are often to blame for choppy price actions due to their large numbers.