Binance founder Changpeng Zhao, better known as CZ, used a recent interview cited by ChainCatcher and reported by Hong Kong 01 to look back on his path from rural Jiangsu to a fortune estimated at about $114.6 billion. In the interview, he described a "four no's" approach to managing money: no stocks, no property speculation, no short-term crypto trading, and no holding too much cash. Zhao said real estate takes too long to trade and does not offer returns worth the effort. He added that he has never traded stocks and does not speculate on crypto in the short term, choosing instead to hold for the long run and sell part of his digital asset holdings only when needed. Zhao also reiterated his view that holding fiat is a poor investment because cash keeps losing value. The report also revisited key milestones in his career, including selling his home to go all-in on Bitcoin in 2013, launching Binance in 2017 and seeing it become the world’s largest crypto exchange within five months, as well as his 2023 four-month sentence for violating the U.S. Bank Secrecy Act and the pardon from Donald Trump last year.
According to a Hong Kong 01 report cited by ChainCatcher, Binance founder Changpeng Zhao said in an interview that his approach to money can be summed up in four rules: no stocks, no property speculation, no short-term crypto trading, and no holding too much cash.
Zhao said property deals take too long and the returns are not worth it. He added that he has never traded stocks and does not trade crypto on a short-term basis, choosing instead to hold for the long term and sell part of his crypto assets only when needed. He also said, 「Holding fiat is the dumbest way to invest, because cash keeps depreciating.」
The report said Zhao sold his home in 2013 and put all of the proceeds into Bitcoin. After that, Bitcoin fell by two-thirds at one point and then moved sideways for a year and a half. In 2017, he founded Binance, which became the world’s largest crypto exchange within five months.
Zhao was sentenced to four months in prison in 2023 for violating the U.S. Bank Secrecy Act. He was pardoned by Donald Trump last year and now has an estimated net worth of about $114.6 billion. In the interview, Zhao said success involved luck, but the key was continuing to make the right decisions and correcting mistakes quickly.
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