Changpeng Zhao has revealed that nearly all of his net worth is invested in cryptocurrency. His net worth is reportedly $1.9 billion as of February 2021.
The 44-year-old CEO of Binance, the largest crypto exchange in the world, stated in a recent interview that he does not own any fiat holdings. And that his cryptocurrency investments will not be used to buy fiat holdings or for converting to cash in the future.
Also, as per a tweet back in February, CZ said that he would only convert his cryptocurrency to fiat holdings when absolutely necessary.
I use Binance Card for everything that accepts a credit card. There are some payments that only accept fiat. I convert just enough to pay, and pay. I don't hold fiat for any extended period of time.
Binance (@cz_binance) February 21, 2021
Furthermore, he said he values liquidity above all else. It is for this reason that the businessman chooses not to own a car or a house. He said he preferred renting an apartment or getting a hotel instead due to the higher liquidity. In the interview, Zhao revealed that it is still feasible to realize his plan to make Binance a decentralized autonomous organization (DAO).
It would be fair to say that Zhao has come a long way from where he started. He took a long time to build his crypto portfolio, at a time when he admits his net worth was in his Shanghai apartment. He later sold this apartment to buy Bitcoin.
Zhao was listed as one of the billionaires on the Forbes billionaires list. Others listed with him include Coinbase’s Brian Armstrong, FTX founder Sam Bankman-Fried, Ripple Labs co-founder Chris Larsen, and the Gemini exchange founders Cameron and Tyler Winklevoss.
Plans for Binance This Year
The CEO stated that pushing the Binance Card will be a priority. A means by which merchants and traders can accept cryptocurrency transactions. And also a means for direct peer-to-peer transactions to take place.
Furthermore, the French Binance Team has already begun getting on the NFTs train. Back in March, they minted NFTs on the Binance Smart Chain to award users for engagement. It’s an initiative that Binance intends to go global, with the Spain team following France’s example.