The CEO of the Binance exchange, Changpeng Zhao, said that he does not use fiat, and almost 100% of his fortune is invested in cryptocurrency.
As of February 2021, the net worth of the head of Binance was estimated at $ 1.9 billion.
Fiat? What Fiat?
Changpeng Zhao, 44, is the head of Binance, one of the largest cryptocurrency exchanges in the world. In a recent interview, he stated that even the smallest portion of his assets are not concentrated in traditional fiat currencies.
Aside from not owning fiat, Zhao has no intention of using his cryptocurrency investments to buy fiat or further convert his crypto assets to fiat.
He stated the same in a February tweet. Then Zhao wrote that he does not use fiat currencies for hodling in any time perspective. He returns to them only in specific situations when it is necessary to make a payment that is accepted only in fiat. Even so, it converts only the amount of the required payment into fiat.
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I use Binance Card for everything that accepts a credit card. There are some payments that only accept fiat. I convert just enough to pay, and pay. I don’t hold fiat for any extended period of time.
Binance (@cz_binance) February 21, 2021
Do the rich have their quirks?
Zhao added that he values liquidity above all else. It is for this reason that he chooses not to invest in cars or real estate. For such ideals of high liquidity, he would prefer to rent an apartment or a hotel room, Zhao explained.
In any case, the businessman has the right to his own opinion on this issue. He has come a long way building his cryptocurrency portfolio. As Zhao himself said, at the beginning of his journey, his only asset was an apartment in Shanghai. Subsequently, he sold it and invested all the funds in bitcoin.
At the moment, Zhao is in the top list of cryptocurrency billionaires. His name is included in the Forbes list, along with Coinbase head Brian Armstrong, FTX founder Sam Bankman-Freed, Ripple Labs co-founder Chris Larsen and the founders of the Gemini crypto exchange by the Winklevoss brothers.
Plans Binance this year
During the interview, Zhao emphasized that he considers promoting the Binance Card a priority. This product will allow merchants and traders to make and accept cryptocurrency transactions. In addition, this card is a way of making direct peer-to-peer transactions.
In addition, in March of this year, the French Binance team began issuing NFT tokens based on the Binance Smart Chain blockchain to reward loyal users of the ecosystem. Binance now intends to expand this initiative globally. The example of the French colleagues should be followed by the Spanish team
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