Binance CEO, Changpeng Zhao recently spoke with the Associated Press, confirming that the only cryptocurrency that he owns apart from his company’s native, Binance coin (BNB), is Bitcoin (BTC), further revealing that he had bought Bitcoin in 2014 and still holds most of it. Additionally, Binance CEO declared his intention to give away “90, 95 or 99%” of his wealth, given his minimal lifestyle.
“I bought some Bitcoins in 2014. I spent a little bit of it over time, but I held onto most of it. I did not sell. The other asset I hold, which is the majority of my net worth, is BNB (Binance coin). Personally, I don’t hold any other coins. I am a decent-sized shareholder in Binance…I do intend to give away most of my wealth, like many wealthy entrepreneurs or founders did from Rockefeller until today. I do intend to give away 90, 95, or 99% of my wealth.”
Binance CEO believes in the power of crypto with regulations
While noting that he does not understand meme currency such as Dogecoin, he claimed the power of decentralization, mentioning the high value of a meme coin in the ever-evolving decentralized industry by explaining its liquidity saying,
“For something to be valuable, you only need one other person to want to buy it. For something to have liquidity, you need a large number of people to want to buy it or sell it. Once you have liquidity, a thing has value, according to the neutral market.”
Zhao discussed manifold aspects of crypto regulations, along with its popularity, and how crypto adoption can become a mass reality. On the decades-old issue of crypto’s high volatility, CZ argued that “everything is volatile”, however, it’s the capacity of the specific market that determines the amount of volatility it will face. He asserted that Crypto has high volatility given it is a relatively smaller market, as compared to the traditional assets. He said, “the larger the market value one’s asset is, the smaller the volatility. That’s just math.” Furthermore, he argued that the core factor restricting the growth of crypto is the ease of use since it is less secure because it is unregulated.