The CEO of Binance Changpeng Zhao aka CZ, whose netwoth is estimated at $8 billion, has confessed in a recent interview with Bloomberg that he owns 100% of his wealth in crypto. CZ weirdly admitted that he owns no houses, no cars, fiat, etc and can only remember buying expensive very laptops when asked the most luxurious items he had bought in recent times. Hear him:
“I bought like five or six laptops. I actually destroy laptops pretty quickly—they break. As soon as new ones come out, I buy one. So I buy a lot of gadgets. But those are not really that expensive in the grand scheme of things. I don’t have a car. I don’t have a house,”.
CZ further revealed in the interview that he does not own fiat currency because he simply does not believe in it, perhaps because of its inflationary tendencies. As for other physical assets such as real estates, cars, jets, etc, CZ admits to not owning and investing in them because they are, to use his own words, illiquid. That is, they can not be easily and quickly converted to cash, which is the exact opposite of what digital assets are. Interestingly, CZ has no plans to liquidate his crypto assets soon. Here are his words,
“I’m not using crypto to buy fiat, I’m not using crypto to buy houses. I just want to keep crypto. And I don’t plan to convert my crypto into cash in the future.”
CZ, who was once named the third wealthiest person in crypto, is the founder and CEO of Binance which, from its early beginnings in 2018, has grown to become the largest cryptocurrency exchange in the world. Today, the native token of Binance, BNB, having climbed from the ladder of obscurity to prominence, now sits comfortably in the list of the top largest crypto by market capitalization. The Binance Smart Chain (BSC) is also becoming an attractive destination for developers and users who are fleeing from the expensive gas fees of the Ethereum network.