Changpeng Zhao, CEO of the largest cryptocurrency exchange Binance, spoke about his crypto portfolio, his views on the market, and making donations.
In an interview with the Associated Press, Binance CEO Changpeng Zhao said that his portfolio only contains Bitcoin and BNB coin.
“I first bought bitcoins in 2014 and have held on to most of it, but the majority of my net worth is in BNB. I don’t hold any other crypto to avoid any potential conflicts of interest.”
Zhao reported net worth is about $2 billion. But Zhao is the biggest shareholder of Binance, which has a valuation of up to $300 billion. That implies he will be really rich if Binance ever exited near that valuation. Industry critics expect Zhao’s net worth to be more than $200 billion.
Interestingly, Changpeng Zhao doesn’t like 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 values it because it’s cute, because they like the meme, then it has value.
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.
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.”
Binance CEO told AP news that he plans to donate up to 99% of his wealth.
“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 do intend to give away 90, 95, or 99% of my wealth.”
CZ replied to a question that crypto major sign of being a bubble is that people buy only because the other person will also buy it.
“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.”
Recently, Changpeng Zhao announced that it is crypto that will become the future of the global financial system.