Changpeng Zhao, the promoter and CEO of Binance, is betting on cryptocurrency.
Changpeng Zhao, the founder and CEO of the world’s biggest cryptocurrency exchange Binance and one of the world’s biggest crypto billionaires, owns nothing but cryptocurrencies.
“I’m one of those guys who value liquidity much more than owning something. I actually prefer not to own anything,” Zhao said in a Bloomberg interview on Wednesday.
He claimed that cryptocurrencies such as Bitcoin (BTC) currently account for approximately 100 percent of his total nett worth, despite the fact that he has no real estate or significant fiat holdings. Zhao responded to a question about how much of his nett worth is invested in cryptocurrency by saying:
“I would say probably close to 100%. I don’t own any fiat. The physical stuff that I own is probably negligible in terms of my net worth. So, this is a concept shift. I’m not using crypto to buy fiat; I’m not using crypto to buy houses. I just want to keep crypto. And I don’t plan to convert my crypto into cash in the future.”
Zhao said that it took him a while to ramp up his crypto portfolio. After buying his first Bitcoin, the CEO was in a big hurry to sell his apartment that he bought back in 2006 in Shanghai. “I sold my apartment to buy Bitcoin, and I also quit my job,” he said. ”You can rent an apartment or stay in a hotel — that gives you much higher liquidity,” Zhao added.
The CEO of Binance has publicly stated that he does not own any fiat currencies. “I keep 0 fiat,” Zhao announced on Twitter in February, adding that he only translates crypto to fiat for transfers that can only be done with conventional currency.
According to data from China’s Hurun Research Institute, Zhao is one of the world’s wealthiest men in the crypto and blockchain industry, ranking third among crypto billionaires with an estimated cumulative fortune of $8 billion as of January 2021.
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