CEO of biggest crypto exchange has ‘close to 100%’ of net worth in crypto
Binance founder and CEO Changpeng Zhao is placing his bets on crypto.
Changpeng Zhao, founder and CEO of the largest global cryptocurrency exchange Binance and one of the world’s top crypto billionaires, does not own much except crypto.
“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 noted that various cryptocurrencies like Bitcoin (BTC) now make up nearly 100% of his entire net worth as he does not own any real estate or much fiat holdings. When asked how much of his net worth is invested in crypto, Zhao said:
“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 Binance CEO has previously claimed that he does not hold any fiat currencies. “I hold 0 fiat,” Zhao declared on Twitter in February, stating that he only converts crypto to fiat for payments that can only be made with traditional money.
According to data from China’s Hurun Research Institute, Zhao is one of the world’s richest men in the crypto and blockchain industry, ranked the third-richest crypto billionaire with a total wealth estimated at $8 billion as of January 2021.