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Changpeng Zhao, CEO of Binance, is telling his followers to purchase cryptocurrencies with their credit cards since there’s an “infinite amount of money around the corner.”
Changpeng Zhao (CZ) is known for being provocative on Twitter and sometimes outright shilling projects. It’s often been criticized for being irresponsible. So, it should not be surprising that he made another such comment recently.
Although CZ said his most-recent comment was not financial advice, it clearly was. He told users that with an “infinite amount of money around the corner,” they should consider putting some cryptocurrency on their credit cards. “Might as well,” he writes on Twitter. He also retweeted a recent announcement regarding Binance offering cryptocurrency purchases with Visa with various fiat currencies.
With infinite amount of money around the corner, might as well. 💳💳💳
(not financial advice) https://t.co/pCZ1Z9aoGn
— CZ Binance 🔶🔶🔶 (@cz_binance) March 25, 2020
His comments were criticized online for being reckless. Amid a global economic crisis, it is arguably irresponsible that an exchange CEO is telling users to buy cryptocurrencies on credit. It is completely divorced from the reality of everyday people.
Bro, you're legit suggesting people use credit cards to buy crypto from your exchange. In the middle of global pandemic.
Might wan't to run this by the guys at the office. Could be one of those things that might turn out to be a bad idea.
— Henrik Andersson (@ha1331) March 25, 2020
CZ has often been criticized for his reckless comments on Twitter—some humorous and some outright reckless. Some comments have been mild, like his constant adviceBitcoin, which is usually a strong sell signal.
He’s also been caught trying to pump , which he then promptly deleted after criticism. He’s even given trading advice, (BNB) with a news storytelling his followers not to short BNB or they will ‘get Rekt’ (this ended up being terrible advice).
However, some comments were even more concerning. For example, last month CZ together with Tron (TRX) founder Justin Sun called for the ‘regulation of cryptocurrency news.’ He said that there was too much fake news in the space and that some regulatory entity should rein it in, which elicited widespread condemnation.
Altogether, CZ’s track record on Twitter is not good. Even the basics of where Binance is located has been in dispute for some time, which CZ failed to really clarify.
Amid a global financial crisis and unprecedented pandemic, many are losing their jobs. With these latest comments, CZ once again shows he is relatively tone-deaf when it comes to everyday people and their relationship to cryptocurrencies.
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