Changpeng Zhao, founder and CEO of the largest global cryptocurrency exchange Binance and one of the world’s leading crypto billionaires, owns only crypto.
“I’m one of those people who value liquidity much more than owning something. Actually, I prefer not to own anything,” Zhao said in a Bloomberg interview on Wednesday.
He noted that various cryptocurrencies like Bitcoin (BTC) now account for almost 100% of his total net worth as he owns no real estate or many fiat holdings. When asked how much of his wealth is invested in crypto, Zhao said:
“I would say probably almost 100%. I don’t own a Fiat. The physical stuff I own is likely negligible in terms of my wealth. So this is a concept change. I don’t use crypto to buy fiat. I don’t use crypto to buy houses. I just want to keep crypto. And I have no plans to convert my crypto to cash in the future. “
Zhao said it took him a while to add to his crypto portfolio. After buying his first bitcoin, the CEO was in a great hurry to sell his Shanghai apartment, which he bought back in 2006. “I sold my apartment to buy bitcoin and I quit my job,” he said. “You can rent an apartment or stay in a hotel – it gives you a lot more liquidity,” added Zhao.
Binance’s CEO previously claimed not to hold fiat currencies. “I hold 0 fiat,” Zhao explained on Twitter in February, explaining that he will only convert crypto to fiat for payments that can only be made with conventional money.
According to the Chinese Hurun Research Institute, Zhao is one of the richest men in the world in the crypto and blockchain industry and was ranked the third richest crypto billionaire with an estimated total fortune of $ 8 billion in January 2021.