CEO of Binance: I have no house, no car, only digital currency!
Changpeng Zhao, CEO of Binance Exchange, has admitted in recent conversations that the most money he spends is to buy his laptops! In another part of his interview, he said that he has no car or house and only buys digital currency.
According to Cryptocurrency, Changpeng Zhao, a billionaire in the field of digital currencies and CEO of Binance Digital Currency Exchange, said in an interview with Bloomberg that he has invested almost all of his money in digital assets. He also claims he has no Fiat money, a house or a car.
Asked by an interviewer how much of his fortune he had invested in digital currencies, Zhao said:
I can say almost 100%. I have no Fiat money, the physical possessions I own are almost negligible in the face of my net worth. So this is a conceptual change.
The CEO of Binance thanked Bloomberg agents for doing this in-depth interview by posting the link to his article on his Twitter account.
According to Zhao in the interview, he is not in favor of traditional Fiat currencies or physical assets because they are “non-liquid”. This means that they can not be bought and sold quickly.
For example, Zhao recounts the memory that in 2012 he planned to sell his apartment to become a first Bitcoin investor. However, the process of selling the apartment took longer than expected.
He explains:
It took a while. At that time, a large part of my net worth was an apartment I had bought in Shanghai in 2006. At that time [2012] I had bought some Bitcoin and I was getting acquainted with it. I soon became interested in Bitcoin and was in a hurry to sell my apartment and be able to invest in Bitcoin; But the process of selling the apartment took a long time.
Zhao also points out that because liquidity is more important to him than anything else, he prefers not to own anything at all; Therefore, in his view, assets such as houses and cars are not sufficiently liquid; Because once you buy these assets you can not easily trade with it.
He adds:
You can rent an apartment or stay in a hotel which gives you much higher liquidity. I do not use digital currencies to buy Fiat currency and buy a house, I just want to be in the world of digital currencies and I have no plans to convert my digital currencies to Fiat currency in the future.
When the interviewer asked the CEO of Binance what was the most luxurious thing he bought, he replied in response to the purchase of five or six laptops:
I actually ruin my laptops very quickly, they do. As soon as a new model comes on the market, I buy one of them. I buy a lot of things; But they are not expensive items. I do not have a car or a house.
In early March, China’s Hurun Research Institute published a list of the richest people in China’s digital currency and blockchain industry. Changpeng Zhao topped the list with a net worth of $8 billion. Coinbase CEO Brian Armstrong topped the list with $11.5 billion in net worth and FTX CEO Sam Bankman-Fried came in second with $10 billion.
