Binance CEO Changpeng Zhao is telling his followers to buy cryptocurrencies with their credit cards since there’s an “infinite amount of money around the corner” in the midst of a global economic crisis.
While he said that his most recent comment was not financial advice, it was clearly so. He told users that they should consider putting some cryptocurrency on their credit cards with an “infinite amount of money around the corner.” “Might as well,” he writes on Twitter. He also retweeted a recent announcement about Binance offering Visa cryptocurrency purchases with different fiat currencies.
His comments have been criticized online for being imprudent. It is arguably irresponsible, in the midst of a global economic crisis, that an exchange CEO is telling users to buy on credit cryptocurrencies. It is divorced from everyday people’s reality altogether.
Significant Condemnation as Being Reckless
Zhao has been frequently criticized on Twitter for his reckless comments, some humorous and some outright reckless. Some comments were mild, such as his constant Bitcoin advice which is usually a strong selling signal.
He has also been caught trying to pump a news story from Binance Coin (BNB), which he then promptly deleted after criticism. He has even given advice on trading, telling his followers not to shorten BNB or they’ll ‘get Rekt’ (this ended up being terrible advice).
Some comments were even more pertinent, though. For example, last month Zhao and Tron (TRX) founder Justin Sun called for ‘cryptocurrency news regulation.’ He said there was too much fake news in the space and that some regulatory entity should rein in it, which led to widespread denunciation.
The track record of Zhao on Twitter is not good at all. For some time, even the basics of where Binance is located were in dispute, which Zhao failed to really clarify.
Many are losing their jobs amid a global financial crisis and an unprecedented pandemic. With these latest comments, Zhao shows once again that he is relatively tone-deaf when it comes to everyday people and their cryptocurrencies relationship.