Changpeng Zhao, the founder of Binance, responded to the loss of investment by Bitcoin investors and others after the digital asset fell below $19,000 on Saturday.
Bitcoin’s value has plunged -11.90 percent in the previous 24 hours, to $18,092, its lowest level in over two years.
This has sent shockwaves through the cryptocurrency market, with Bitcoin investors fearing a loss of capital.
Consequently, Bitcoin holders have been withdrawing their investment, forcing the BTC’s market capitalization to drop by $43.35 billion from $390.39 billion to $345.03 billion on Friday.
In a post on his Twitter on Saturday, Zhao said he has been through three bearish markets and has waited until the bulls returned.
He revealed how the value of his Bitcoin investment dropped from $20,000 to $3000 in 2017.
He wrote: “I dunno. It’s my 3rd cycle. 2013 ATH $1k, then low of $200 for a year. 2017 ATH $20k, then low of $3k for a year. 2021 ATH $68k, low of $20k.
“I am not a good TA, but do you see a trend? I bought some #BTC in 2014, at an average cost of about $600, just before it went to $200. The rest is history.”