CEO of biggest crypto exchange has ‘close to 100%’ of net worth in crypto

Changpeng Zhao, founder and CEO of the most important world cryptocurrency change, Binance, and one of many world’s prime crypto billionaires, doesn’t personal a lot besides crypto.

“I’m a kind of guys who worth liquidity far more than proudly owning one thing. I truly choose to not personal something,” Zhao said in a Bloomberg interview on Wednesday.

He famous that numerous cryptocurrencies like Bitcoin (BTC) now make up practically 100% of his complete internet price as he doesn’t personal any actual property or a lot fiat holdings. When requested how a lot of his internet price is invested in crypto, Zhao mentioned:

“I’d say most likely near 100%. I don’t personal any fiat, the bodily stuff that I personal might be negligible when it comes to my internet price. So this can be a idea shift. I’m not utilizing crypto to purchase fiat, I’m not utilizing crypto to purchase homes. I simply need to preserve crypto. And I don’t plan to transform my crypto into money sooner or later.”

Zhao mentioned that it took him some time to ramp up his crypto portfolio. After shopping for his first Bitcoin, the CEO was in a giant hurry to promote his condo that he purchased again in 2006 in Shanghai. “I offered my condo to purchase Bitcoin, and I additionally stop my job,” he mentioned. ”You’ll be able to lease an condo or keep in a lodge — that offers you a lot greater liquidity,” Zhao added.

The Binance CEO has beforehand claimed that he doesn’t maintain any fiat currencies. “I maintain zero fiat,” Zhao declared on Twitter in February, stating that he solely converts crypto to fiat for funds that may solely be made with conventional cash. 

In keeping with knowledge from China’s Hurun Analysis Institute, Zhao is likely one of the world’s richest males within the crypto and blockchain trade, ranked the third-richest crypto billionaire with a complete wealth estimated at $eight billion as of January 2021.