Changpeng Zhao, the founder and CEO of Binance, the world’s largest cryptocurrency exchange, and one of the world’s biggest crypto billionaires, owns nothing except cryptocurrency.
In a Bloomberg interview on Wednesday, Zhao said, “I’m one of those guys who value liquidity much more than owning something. I actually prefer not to own anything,”
He claimed that cryptocurrencies such as Bitcoin (BTC) now account for almost all of his net worth, as he does not own any real estate or have many fiat holdings. Zhao responded when asked how much of his net worth is invested in cryptocurrency:
“I would say probably close to 100%. I don’t own any fiat, the physical stuff that I own is probably negligible in terms of my net worth. So this is a concept shift. 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.”
According to cointelegraph.com, Zhao admitted that building up his crypto portfolio took some time. After purchasing his first Bitcoin, the CEO was in a rush to sell his Shanghai apartment, which he had purchased in 2006. “I sold my apartment to buy Bitcoin, and I also quit my job,” he said. ”You can rent an apartment or stay in a hotel — that gives you much higher liquidity,” Zhao explained.
Binance CEO Changpeng Zhao has previously stated that he does not own any fiat currencies. Zhao mentioned on Twitter in February that he holds no fiat and only converts crypto to fiat for purchases that can only be made with traditional money.