Binance big boss almost has all of his net fortune in digital currency


Binance big boss Changpeng Zhao has revealed that almost all of his net value is invested in cryptocurrency. The Chinese billionaire is reportedly worth nearly $2 billion as of February this year.

The 44-year-old CEO of Binance – the world’s biggest digital currency exchange – said in a recent interview that he doesn’t own any fiat holdings. And that his investments in cryptocurrency won’t be used to acquire fiat holdings or convert to cash in the future.

“I am one of those people who value liquidity much more than owning something. I actually choose not to own anything,” Zhao said in a Bloomberg interview on Wednesday.

Serious focus on bitcoin

Zhao said that it took him a while to boost his crypto portfolio. After acquiring his first Bitcoin, Zhao was rushing to sell his apartment that he bought in 2006 in Shanghai.

“I sold my apartment to buy Bitcoin, and I also resigned from my job,” the CEO said. ”You can rent an apartment or stay in a hotel — that gives you much higher liquidity,” CoinTelegraph quoted the billionaire as saying.

Zhao was included as among the billionaires on the Forbes billionaires list. Others who made it to the ranking with him include Coinbase CEO Brian Armstrong, Ripple Labs co-founder Chris Larsen, FTX founder Sam Bankman-Fried, and the Gemini exchange founders Cameron and Tyler Winklevoss.

One of the richest people in crypto

Based on data by China’s Hurun Research Institute, Zhao is one of the wealthiest persons in the crypto and blockchain industry, listed third-richest crypto billionaire with a total fortune estimated at around $8 billion as of January this year.

Sam Bankman-Fried is the richest digital currency billionaire, with a net value of nearly $8.9 billion. Bankman-Fried founded the trading company Alameda Research and popular derivatives exchange FTX.

Forbes released its annual billionaires’ list on April 6, with Amazon top honcho Jeff Bezos and his $177 billion dominating the list for a fourth straight year.

Image courtesy of Boxmining/YouTube Screenshot

Jet Encila

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Jet Encila

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