April 17, 2021

Changpeng Zhao admits he keeps almost all of his assets in cryptocurrency

The head of the Binance cryptocurrency exchange, Changpeng Zhao, stores almost 100% of his assets in cryptocurrency.

“I am one of those guys who value liquidity much more than owning something. I prefer not to own anything at all, ”Zhao said in an interview with Bloomberg on Wednesday, April 7th.

When asked what percentage of his equity capital he invested in cryptocurrency, Zhao replied:

“Probably about 100%. I have no fiat money.The physical things I own are probably worthless in terms of their net worth. This is a change of concept. I do not use cryptocurrency to buy fiat; I do not use cryptocurrency to buy houses. I just want to store cryptocurrency. And I have no plans to convert my cryptocurrency into cash in the future. "

Zhao bought his first bitcoins with the money he received from the sale of an apartment in Shanghai.

“You can rent an apartment or stay in a hotel - this gives you much higher liquidity,” he added.

According to the Chinese researchHurun Institute, Zhao is one of the richest people in the cryptocurrency and blockchain industry. In the list of crypto billionaires, he took third place ($ 8 billion) after Coinbase CEO Brian Armstrong ($ 11.5 billion) and FTX head Sam Bankman-Fried ($ 10 billion).