Binance CEO Changpeng Zhao stated in an interview with the Associated Press that his portfolio consists solely of Bitcoin and BNB coins.
“I first acquired bitcoins in 2014 and have kept most of them, but BNB makes up the majority of my net worth.” To avoid any potential conflicts of interest, I don’t own any other cryptocurrency.”
Zhao’s net worth is estimated to be around $2 billion. Zhao, on the other hand, is the largest stakeholder in Binance, which has a market capitalization of up to $300 billion. If Binance ever exits around that valuation, he will be quite wealthy. Zhao’s net worth is estimated to be more than $200 billion, according to industry critics.
Changpeng Zhao, interestingly, hates Dogecoin and other meme coins: “To be honest, I don’t get Dogecoin. But this shows the power of decentralization. What I think may or may not matter. If a large enough number of people in the community value it because it’s cute, because they like the meme, then it has value.” he said.
“And Dogecoin has lasted so many years. It’s gone up and down, up and down, but it’s lasted. And now we have Shiba, which is also a meme coin. We have a lot more meme coins. But guess what? For something to be valuable, you only need one other person to want to buy it.”
He continued , “For something to have liquidity, you need a large number of people to want to buy it or sell it. Once you have liquidity, a thing has value, according to the neutral market. So it’s not up to me to judge it. As a platform, we want to provide a marketplace for all the relatively valuable cryptocurrencies in the world.”
According to the Associated Press, Binance CEO Changpeng Zhao aims to donate up to 99 percent of his fortune.
He stated in Interview : “I do intend to give away most of my wealth as many wealthy entrepreneurs or founders did from Rockefeller [late American business magnate John D. Rockefeller] until today. I intend to give away 90, 95, or 99% of my wealth.”
CZ responded to a question by saying that one of the most telling signs that crypto is a bubble is that people buy it simply because they know someone else would.
“To some extent, yes. But it’s not a black and white thing. There’s no clear definition of what a bubble is. If an asset’s price drops more than 80%? Bitcoin dropped more than that and then recovered. Amazon dropped (more than 90% from the start of 2000 into September 2001), and now they are one of the most valuable companies in the world. Did it go through a bubble? According to most laymen’s definition, it probably did. For Jeff Bezos, he would probably disagree.”
Changpeng Zhao recently stated that cryptocurrency will be the future of the global financial system.