CZ, Saylor Urges To Hold Cryptocurrency Amid Growing Uncertainty

Industry heavyweights are urging crypto investors and traders to hold their crypto assets to themselves amid the huge market uncertainty caused by the FTX crash.

In a November 13 tweet to his 7.6 million followers, Binance CEO Changpeng “CZ” Zhao prompted the crypto community to store their cryptocurrencies via self-custodial crypto wallets.

“Self custody is a basic human right. You are free to do it at any time. Just make sure you are doing it right,” he said, recommending investors start with small amounts in order to learn the technology and tools first:

Speaking to Cointelegraph during the Pacific Bitcoin Conference on November 10-11, MicroStrategy CEO Michael Saylor also discussed the advantages of self-holding in the current market environment.

Saylor suggested that self-guardianship not only provides investors with property rights, but also prevents powerful actors from corrupting the network and its participants:

“In systems where there is no self-custody, guards accumulate a lot of power and then they can abuse that power.”

“So self-incubation is of great value to this broad middle class, because it tends to create […] He explained that this power of checks and balances over every other player in the system keeps them in constant competition to provide transparency and virtue.

Saylor also made an argument that self-custody plays an important role in maintaining the integrity and security of block chains because it increases decentralization:

“If you can’t keep your coins yourself, there is no way to create a decentralized network.”

It seems that the recent events of the past week have already pushed many investors and traders towards self-preservation solutions.

Since the sudden collapse of FTX in early November, the number of Bitcoin (BTC) withdrawals on central exchanges has reached a 17-month high, according to on-chain analytics firm Glassnode:

While at the same time, net inflows to self-custodial portfolios rose.

Formerly Gnosis Safe, the secure smart contract wallet has posted net inflows of more than $800 million since last Tuesday when the FTX saga began spinning out of control:

The outflow from central exchanges caused by the FTX crash also caused problems for the hardware-based cryptocurrency wallet provider — which was temporarily unable to handle the mass inflow due to scalability issues.

The Trust Wallet token (TWT) acquired by Binance also rose 84% to $2.19 in the past 48 hours before calming to $1.83, according to CoinGecko.

The token allows token holders to participate in deciding how the wallet will operate and what technical updates will be made.

Related: Self-incubation is key during tough market conditions: Here’s what the experts say

Investor confidence in central exchanges took another blow on November 13 when Crypto.com accidentally sent 320,000 ETH to Gate.io.

Ethereum bull and The Daily Gwei host Anthony Sassano on November 13 Out-of-service Cryptocurrency exchange due to its fault and beyond advertiser That investors should not store assets on central exchanges “for longer than you need to.”

Meanwhile, Blockchain Policy Association President Jake Chervinsky He said Teaching self-custody should be one of the first things newcomers learn, while Bitcoin supporter Dan Held told his 642,800 Twitter followers that self-custody is a critical component of self-mastery: