Changpeng Zhao, aka CZ, was ranked 19th on Forbes' list of the world's wealthiest people released last week. In under 5 years, the PDG of Binance (BNB) has gone from nothing to 65 billion dollars, earning him the title of world's richest cryptomillionaire.
CZ of Binance has a wealth estimated at 65 billion USD
Satoshi Nakamoto was quickly dethroned by his peers, as Bitcoin (BTC) lost over $20,000 after its ATH. His large pactole of 1 100 000 BTC is no longer sufficient to keep him as the world's wealthiest cryptomonnaie.
And Forbes' most recent list of millionaires does little to help the father of Bitcoin. In fact, this report is about a CZ, the world's first cryptomillionaire and the 19th richest person.
Forbes estimates that the 44-year-old Chinese billionaire has a cryptocurrency wallet worth 65 billion dollars. With such money, he easily outclasses Michael Dell (Dell Computers) and Charles Koch (Koch Industries) (Koch Industries).
Forbes also admits to doing studies into Binance (BNB) and being able to provide precise figures. These include, for example, the bourse valuation of Binance, which was valued at 92,5 billion dollars on March 11th. Aside from that, it has been reported that Changpeng Zhao has a minimum 70% stake in Binance.
Binance’s Changpeng Zhao went from zero to $65 billion in under five years, leaving Michael Dell, Charles Koch and 2,645 other world billionaires in the dust. #ForbesBillionaires https://t.co/fDdi3aCmpP
— Forbes (@Forbes) April 6, 2022
Binance is a well-kept secret
Binance isn't exactly a secretive company when it comes to disclosing details about its finances or ownership structure. However, we found it necessary for you to read the following information:
- Binance is registered on the Caiman Islands.
- Binance's affiliate network spans 180 countries;
- The company's economic model is based on a native token: BNB;
- Before becoming a cryptomonnaie, the BNB was limited to transaction discounts;
- Binance uses "burning" on a regular basis to keep track of the coins in circulation;
- Before January 2020, the BNB's burning was based on a profit-based rate; after that date, the token's burning was based on
- According to CoinMarketCap, the BNB cryptocurrency has a market capitalization of 73 billion dollars.
- No one knows how many BNB pieces are in the CZ portfolio.
Arrêtons-nous, this list has the potential to be rather large. Simply said, Binance is far from being the target of Japanese, British, and Hong Kong authorities. In fact, they accuse him of being a private company with regulatory approval. Bloomberg reported in May 2021 that the Changpeng Zhao company was the subject of an investigation by the US Department of Justice and the Internal Revenue Service. The chiefs of accusation were concerned about money laundering and tax evasion.
CZ isn't even aware of his own possessions
« I'm not sure what my nette value is. Changpeng Zhao's response to a query posed to him in January 2021 was, "I'm not too worried about that." He also mentioned that he has around a 30% stake in Binance. According to those close to Forbes who were questioned, the figure is far from accurate. They estimate that CZ's participation will be in the 70 percent range.
In addition, he intends to share a large portion of his wealth, more precisely. The following are the reasons that lead him to believe he is poor:
I'm only aware of what's in my wallet, which is to say that I'm not well-versed in anything. All that's left are views.
Remember that CZ is a programmer who debuted in Jiangsu, China, in 1977. In order to avoid having to move to Vancouver (Canada) with his family, the youngster had to work in a McDonald's store.
Zhao began to be interested in programming when he was 16 years old, and went on to earn a bachelor's degree in computer science from McGill University in Montréal. CZ, a world traveler, has previously lived in Tokyo, Shanghai, and New York. Among his previous accomplishments are high-frequency trading systems for Wall Street quant traders.
After discovering bitcoin (BTC) in the middle of a poker game in 2013, his life took a turn. The launch of Binance in July 2017 was made possible by a $15 million fund raise. A project that has quickly attracted cryptocurrency traders due to its speed of execution and unbeatable products.
What is it about success stories that makes them so appealing? We hope that CZ's story, in which he came from nothing to acquire 65 billion dollars in 15 years, would serve as a model for the large number. In any case, his presence in the cryptosphere is a boon to the community and the world at large.
Source : Forbes
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