Introduction: The Shift from 'Speculator' to 'Builder'

In the current environment of extreme volatility in the crypto market, investors often lose their way amid the noise of sharp price swings. During a recent AMA on the Binance Square, Binance co-founder CZ shared a series of thought-provoking insights. Rather than focusing solely on price movements, CZ demonstrated a profound paradigm shift in this conversation: he is gradually moving away from the pursuit of 'overnight riches' and instead viewing the ecosystem through the calm lens of a builder. This transition from 'seeking speed' to 'seeking stability' may be the most essential foundational logic for anyone aiming to survive long-term in an uncertain market.

Core point one: Bitcoin $200,000 — it’s not a matter of "if", but "when".

Regarding Bitcoin's long-term prospects, CZ displayed an extremely firm belief. He believes that the target price of Bitcoin reaching $200,000 is almost an inevitable result; this judgment is not based on speculation about market fluctuations, but on a deep trust in the fundamentals of the industry.

• Long-term belief vs. short-term predictions: CZ emphasized that this is a "long-term belief", rather than a prediction for a specific point in time. He encourages investors to step out of daily fluctuations and observe the larger industry cycles.

• The uniqueness of time: In his view, the outcome is certain; the only uncertainty lies in the time required to reach the endpoint.

"Bitcoin will 'definitely' reach $200,000; the only uncertainty is time, not whether it will happen."

This sense of belief provides long-term investors with a psychological "stabilizer": true value investing often requires enduring loneliness to combat the uncertainty brought by time.

Core point two: Beware of the survivorship bias of "social endorsement" and meme coins

In response to the nearly insane recent craze for meme coins, CZ issued a stern risk warning. He emphasized that investors must maintain independent thinking and must not fall into blind "social worship".

• Clear red line warning: CZ solemnly stated that users should never regard him or **He Yi (Sister One)** as endorsements for issuing coins or investments based on any dynamics on social media (X or Binance Square). Such false associations are often breeding grounds for high-risk projects.

• The brutal truth of survival: He clearly pointed out that over 90% of meme coins will eventually go to zero. These projects have a strong "survivorship bias"; people often only see a very small number of wealth myths while ignoring the thousands of failed wreckages beneath their feet.

• Value judgment criteria: In the eyes of builders, the meme coins that are truly worth attention must have profound "historical or cultural significance", rather than relying solely on a random mention on social media.

Core point three: The altcoin season will definitely come, but don’t expect precise predictions.

Regarding the general anxiety among investors about the "altcoin season", CZ provided a response that is both affirmative and rational. He believes that the arrival of the cycle is certain, but its manifestation is by no means a simple linear growth.

• Non-linear characteristics: Market cycles are complex; when altcoins rise, how long they can rise, and which sectors will start first are all highly unpredictable.

• Reflecting on the limitations of predictions: Attempting to time the market accurately is often futile. CZ's logic suggests that rather than being anxious about uncertain predictions, it is better to choose ecosystems (like the BNB ecosystem) that have ongoing development activities and stable builders supporting them, as long-term certainty often hides within solid construction.

Core point four: A survival guide for newcomers — stay away from leverage, live in the future.

When discussing advice for newcomers, CZ revealed a strong sense of humanistic care. He believes that the first lesson for newcomers entering the crypto world is not "how to make money", but "how not to get washed out".

• Start small, focus on learning: He suggests that newcomers initially invest a very small amount that does not affect their life, to understand market logic through practical operation.

• Resist temptation, stay away from leverage: He strongly advises newcomers to avoid high-risk leveraged tools like futures and options. This craving for "acceleration" is often the root cause of bankruptcy for novices.

"Leverage is not a shortcut, just an accelerator."

If an investor has not yet learned to drive, then the accelerator will only make them crash into the finish line faster. In the crypto market, survival itself is a core competitiveness.

Core point five: Platform competition — why X finds it difficult to directly replace crypto social.

In discussing the development of social platforms, CZ compared the underlying logic differences between Binance Square and the social giant X, which is essentially a discussion about the integrity of infrastructure.

• KYC (Know Your Customer) is the core gap: Although X has massive traffic, it faces significant compliance and identity verification challenges to achieve smooth crypto transactions.

• The first-mover advantage of infrastructure: In contrast, most users of Binance Square have already completed identity verification, and this "trade-ready" state is a huge barrier for specialized crypto social platforms. CZ believes that the completeness of infrastructure determines who can truly drive the mass adoption of cryptocurrency.

Conclusion: Finding a certain construction path in uncertainty

From this conversation, we can clearly feel CZ's elevated perspective: he is no longer obsessed with capturing every fluctuation but is dedicated to refining tools and optimizing systems, allowing the BNB ecosystem to grow naturally amidst ongoing development.

When the market's noise tempts you to pursue "$200,000" or "10,000x memes", this builder mentality is particularly precious. In the clamor for wealth, are you ready to set aside the impatience of a speculator and transform into a rational long-term builder? After all, only true builders can still stand on solid ground when the tide recedes.