Tuesday, April 13, 2021

Binance CEO has “close to 100%” of his net worth in crypto.

The Takeaway:

CEO of the largest global cryptocurrency exchange Binance Changpeng Zhao revealed that he does not own much except crypto.

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Changpeng Zhao, the founder and CEO of the largest global cryptocurrency exchange Binance and one of the world’s top crypto billionaires, revealed that he does not own much except crypto. Binance CEO, in an interview with Bloomberg, said, “I’m one of those guys who value liquidity much more than owning something. I actually prefer not to own anything.” Bitcoin has witnessed a massive winning rally this year as the price reached nearly $62,000 last month.

 

Binance CEO does not own any real estate or much fiat holdings.

Binance CEO 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.

 

“I sold my apartment to buy Bitcoin, and I also quit my job.” 

After buying his first Bitcoin, Binance 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,” Zhao 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 had declared on Twitter in February, stating that he only converts crypto to fiat for payments that can only be made with traditional money. 

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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