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

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

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

Changpeng Zhao, founder and CEO of the world’s largest cryptocurrency exchange, Binance, and one of the world’s largest cryptocurrency billionaires, owns little more than cryptocurrencies.

I’m one of those guys who values liquidity far more than owning anything. In fact, I’d rather not own anything, Zhao said Wednesday in an interview with Bloomberg.

He noted that several cryptocurrencies, such as bitcoin (BTC), currently account for nearly 100% of his net worth, as he does not own real estate or have a large amount of equity. When asked how much of his net worth is invested in crypto, Zhao said:

I’d probably say close to 100%. I have no orders, the tangible assets I own are probably negligible in terms of net worth. So it’s a change of concept. I don’t use crypto to buy fiat, I don’t use crypto to buy houses. I just want to keep the crypto-currency. And I have no plans to convert my cryptocurrencies to cash in the future.

Zhao said it took him some time to develop his crypto-currency wallet. After buying his first bitcoin, the CEO rushed to sell his apartment, which he had bought in Shanghai in 2006. I sold my apartment to buy bitcoins and I also quit my job, he said. You can rent an apartment or stay in a hotel – that gives you a lot more money, Zhao said.

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The CEO of Binance has already stated that he does not own any currency. I love 0 Fiat, Zhao said on Twitter in February. He said he only converts crypto to fiat for payments that can only be made with traditional money.

According to China’s Hurun Research Institute, Zhao is one of the world’s richest people in the crypto and blockchain industry, ranked as the third richest crypto billionaire with an estimated total wealth of $8 billion in January 2021.

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