- CZ has cautioned traders and investors against using tweets of rich people to trade
- He explained that most rich people do not become rich by doing things according to other rich people
- Elon Musk has updated his Twitter profile picture to one of an anime character with laser eyes and wearing the Bitcoin logo
- The CEO of Tesla had earlier tweeted a meme suggesting the company was parting ways with Bitcoin
The CEO of Binance, Changpeng Zhao, or simply CZ, has cautioned his Twitter followers against trading crypto according to the tweets of rich people. CZ was commenting on an earlier tweet in which he pointed out that rich people usually do not become rich because they did things according to other rich people’s tweets.
Below is a screenshot of both of his Tweets highlighting the need for crypto traders and investors to be independent of the influence of tweets by celebrities when making financial decisions.
Earlier today, the CEO of Tesla and Founder of SpaceX, Elon Musk, randomly changed his Twitter profile picture to one of an anime character with the famous laser eyes and wearing an outfit with the Bitcoin logo. A screenshot of his Twitter profile with the new picture can be found below.
The change in Elon’s profile picture comes only a day after he posted two memes on Twitter suggesting that he and Tesla, were once again parting ways with Bitcoin. The Crypto Twitter community went on to blame his two memes for yesterday’s Bitcoin dip from $39,500 levels to a local low of $35,555 on the same day.
The two memes shared via Twitter add to a long list of Elon Musk’s tweets that have had an immense impact on the price of Bitcoin and all digital assets since Tesla revealed it had bought $1.5 billion worth of Bitcoin in February of this year.
Therefore, it can be loosely concluded that the CEO of Binance was cautioning crypto investors and traders against taking Elon Musk’s tweets on Bitcoin and crypto, as financial advice.