Binance CEO Changpeng Zhao has announced the creation of a recovery fund and Bitcoin has reacted positively to the news.
La FTX crash and rumors that other players in the sector could be in danger have caused the entire cryptocurrency market turns red. Major cryptocurrencies have suffered losses over the weekend and the overall sentiment is negative.
However, this dynamic has changed slightly early this morning, when Changpeng Zhao, CEO of Binance, has announced on Twitter his intention to create a fundfund for the recovery of the industry.
The objective of this recovery fund is to promote the recovery of the sector and reduce to a minimum the negative cascading effects caused by the fall of FTX.
In this way, it is intended that all those projects that are strong, but that are being affected by the current liquidity crisis, can maintain its stability and continue building.
For now, CZ has not revealed more details about this fund, although he has urged his followers to follow an AMA which will take place throughout the day, during which further details on the fund will be provided.
On the other hand, the CEO of Binance has extended his hand to all those projects and companies that want working to improve the industry and co-invest in it.
The announcement of the recovery fund has had an immediate positive effect on the cryptocurrency market, especially in Bitcoin, what has recovered almost 1.000 dollars price in a few hours.
Michael Saylor is confident in the future of Bitcoin
Despite the difficult times facing the sector, Michael Saylor, CEO of MicroStrategy, remains optimistic about Bitcoin and its future.
In a recent interview with CNBC, he explained that the current situation will serve to eliminate “thousands of unused digital assets”, while strong cryptocurrencies will remain.”
Saylor notes that Bitcoin is “stuck in a dysfunctional relationship with the rest of the crypto ecosystem.”
In his opinion, the collapse of FTX is due to a great lack of transparency, something that would not happen with Bitcoin, which is totally transparent and very difficult to manipulate.
The businessman has also pointed out that this debacle will have a very harsh effect on the sector, as it will accelerate the implementation of a strict regulation in the sectorSaylor expects that only a few cryptocurrencies (including Bitcoin) will be able to survive this regulation.
In the end, Bitcoin will be one of the few winners, as it is more stable and less controversial than most tokens.
Saylor also predicts that the cryptocurrency industry will move into a new era in which it will be the Institutions and the “big players” those who will lead the growth of the sector and the development of prices.
Despite the moment, Michael Saylor continues to bet heavily on Bitcoin and maintains the idea that the cryptocurrency can reach $ 500.000 in the next ten years. In fact, in his interview he said that he is convinced that we will see a new All Time High in the next ten years. next four years.
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