It's a classic of market psychology: as soon as the red candles light up and BTC loses a few percent, the crowd looks for a scapegoat, a face on which to project their frustration. And often, it's CZ (Changpeng Zhao) who finds himself in the front line.
Here is an analysis of this tendency to "take it out on" iconic figures when volatility strikes:
The "Scapegoat" Effect of Blockchain
In a decentralized ecosystem, the irony is that many users still need a central figure to blame. When a massive sell-off occurs:
Correlation bias: Because Binance is the largest platform, some imagine that CZ pulls the strings behind every price movement. If there is a sell-off, it’s necessarily "a conspiracy" or "manipulation" to liquidate longs.
Selective memory: We quickly forget that CZ built the infrastructure that allows these same people to trade. We love him in a Bull Market for liquidity, and we criticize him in a Bear Market purely as a transfer of anxiety.
The paradox of "Opportunistic FUD"
Those who obsess over him at every market pullback often fall into two categories:
The "Panic Sellers" in search of meaning: It is easier to say "CZ manipulates" than to admit that one has poorly managed their risk or entered at the peak of a bubble.
The click opportunists: On X (Twitter), attacking a figure like CZ during a downturn guarantees engagement. FUD (Fear, Uncertainty, Doubt) is a powerful fuel that sells very well when morale is low.
Why is it a judgment error?
The crypto market is a wild beast influenced by global macroeconomic factors, Fed rates, and movements of anonymous whales. Reducing a market correction to the actions of a single person ignores the complexity of supply and demand.
NB: Historically, those who spent their time "hitting" on builders during market lows are often those who missed the train when the trend reversed. The resilience of Binance's infrastructure, despite regulatory storms and corrections, shows that the noise from social media does not reflect the strength of the network.
