Recently, Binance CEO Changpeng Zhao, said that he intends to give away the majority of his wealth and also that he doesn't understand Dogecoin.
Well, Binance is the largest cryptocurrency exchange in the world. Forbes recently estimated CEO Changpeng Zhao's wealth at $1.9 billion, but many believe that he is likely worth significantly more given that he is Binance’s largest shareholder. According to the Wall Street Journal, Binance could be worth as much as $300B if it were to go public.
"Personally, I’m financially free. I don’t need a lot of money, and I can maintain my lifestyle in this way... I do intend to give away 90, 95 or 99% of my wealth." Zhao told APnews.
Zhao also said that he doesn't do much investment and personally does not own equity in any other project, crypto or not crypto. He does this very deliberately to avoid any potential conflicts of interest, he explained.
On his views regarding cryptos that started as a joke but soared in value, the head of the largest cryptocurrency exchange said “to be honest, I don’t get dogecoin.” But he also added that the success of dogecoin shows the power of decentralization. If a big enough number of people in the community values it for any reason like it’s cute, or that they like the meme, then it has value.
On the question on barriers keeping people out of cryptos today, Zhao answered that the biggest factor hindering the growth of crypto is ease of use. "We have not provided easy-enough-to-use tools that are also secure enough today. But I think as the industry evolves, things will get better."
Zhao also explained that the crypto market is highly volatility because it’s a relatively smaller market. Till now the crypto market is much, much smaller than the traditional one.
It's worth noting that within the past few years cryptocurrencies have swelled in value to more than $2.6 trillion. This places them on par with the world’s most valuable stock, Microsoft. This enormous growth is drawing in more investors as well as the attention of regulators around the world.
Zhao said that when he talked to governors of central banks a year ago, they were very skeptical. But now they say they need crypto to grow their economy.
