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The majority stakeholder of the cryptocurrency exchange Binance, Changpeng Zhao, shared that in 2014 he sold his apartment in Shanghai for $900,000 and purchased 1,500 BTC at an average price of $600 per coin.
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According to Zhao, it took him approximately six months of intensive study to fully understand Bitcoin, despite his technical background and experience with trading systems. The entrepreneur emphasized that he made a conscious decision not to miss out on the “next big cycle,” even though his mother referred to him as a “foolish child” for selling his apartment in exchange for “magical internet money.”
Zhao mentioned that he is currently focused on developing the free educational platform Giggle Academy. He also highlighted the potential of artificial intelligence, anticipating that AI agents will conduct a vast number of microtransactions. Digital assets are expected to become the natural infrastructure for the digital economy, with AI representing the third fundamental wave of technological advancement.
Previously, Changpeng Zhao contested claims made by competitors and dissatisfied clients who accused his company of making errors that exacerbated the decline of the cryptocurrency market.
