Crypto Lord: How Changpeng Zhao Became One Of The Richest CEOs In The World
Changpeng Zhao, now known as CZ, is one of the fastest growing billionaires in today's digitized world. As cryptocurrency is increasing its value in the market, crypto companies like Binance are gaining worth. As the value of virtual coins rose, other crypto founders like Vitalik Buterin and Brian Armstrong became billionaires. As cryptocurrency is gaining more popularity among miners and the public alike, the value of crypto owners is expected to go up even further. The cryptocurrency has soared in value over the past couple of years, with everyone turning to digital transactions to handle money. Unlike many others, crypto miners and owners have enjoyed great benefits from the pandemic.
Changpeng Zhao, now known as CZ, is one of the fastest men to become a billionaire. He is one of the most influential persons in cryptocurrency today with his growing company Binance. With several smart investments, he rose to the top in a matter of just four and a half years, leaving behind companies with decades of experience.
Zhao, who grew up in an immigrant family in Canada, used to work at McDonald's to support his household. He studied computer science at McGill University, after which he worked on trading software for the Tokyo Stock Exchange and Bloomberg. Zhao learned about bitcoin in 2013 during a game of poker. This was a major turning point in his life. Going all-in on crypto, he dedicated his life to it. He even sold his apartment to buy Bitcoin. He was convinced that the virtual currency was bound to increase its worth. He gave crypto everything he had. Today, crypto has returned the investment with interest.
Zhao launched Binance in 2017. He gradually built it up into one of the world's largest crypto exchanges. Today, Zhao is one of the world's top billionaires with a net worth of at least $96.5 billion. The estimates are according to the new calculations from the Bloomberg Billionaires Index. Zhao's projected fortune is just under Oracle founder Larry Ellison. It has grown bigger than that of Mukesh Ambani, the Indian business tycoon whose empire has soared unimaginably over the last two years. The Chinese-Canadian entrepreneur has an exemplary journey of rapidly creating wealth in the high-speed world of digital currencies.
Binance also has its coin known as the Binance coin (BNB). BNB jumped around 1,300 percent from $41 at the beginning of 2021 to surpass Bitcoin and Ethereum. BNB price showed a growth rate higher than around 63 percent in bitcoin and around 420 percent jump in Ethereum. BNB peaked at $675 before declining to $261. Binance was the largest cryptocurrency exchange platform. They possessed a 24-hour trading volume of about $11.8 billion. Binance Exchange could be worth up to $300 billion as a public company.
Binance has faced significant regulatory hurdles from different parts of the world in recent months. It was banned in the United Kingdom and faced other restrictions in countries like Canada. Zhao was patient about this and addressed the issue publicly in an open letter. He saw clear regulations as a critical element of continued growth. More regulations, according to him, meant that the industry was maturing. It sets the foundation for a broader population to feel safe participating in crypto.
Along with other famous business leaders like Mark Zuckerberg, Zhao signed the Giving Pledge. It is an initiative started by Warren Buffet and Bill and Melinda Gates to encourage the world's richest to donate the bulk of their fortunes to charity.
Changpeng Zhao is a man who gave his everything to cryptocurrency like a true visionary. The foresight to invest in crypto has gained him a spot among the world's top billionaires. Zhao surpassed companies that took decades to reach billionaire status within a short span of just four and a half years. It was not like there were no downsides or struggles. Zhao faced a lot of hurdles on his way to the top; however, his determination, belief in his cause, and efforts towards fulfilling his cause have earned him his spot today.
Binance Exchange is one of the leading cryptocurrency platforms in the world today. Zhao only views the setbacks and regulations as a positive sign. He thinks that proper rules and regulations will ensure more people invest in cryptocurrency. An initiative on the part of the government is a sign that the crypto industry is maturing. Despite the setbacks, Zhao rose to become one of the richest billionaires in the world.
Sources: CNN, Economic Times, Financial Express, Business Insider.
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