Changpeng Zhao CEO of Binance Becomes the 11th Richest Person in the World
Rancakmedia.com – Changpeng Zhao CEO of Binance, aka CZ, is worth around $96 billion, according to the Bloomberg Billionaires Index. Currently CZ is the richest crypto billionaire in the world. He managed to surpass a number of well-known figures in the technology business as reported by Cryptopotato.
Bobby Lee and investor Ron Cao, who convinced Changpeng Zhao to keep around 10% of his net worth in Bitcoin more than a decade ago, played important roles in CZ's success.
At that time, Bitcoin was still under attack from various circles. According to the Bloomberg Billionaires Index, CZ will be the 11th richest person in the world by 2022.
Binance's CEO's fortune had increased dramatically in the previous year from US$21 billion to US$96 billion. Additionally, CZ controls 90 percent of Binance.
For many in the crypto world, the 44-year-old is a legend. Recently, CZ also established contact with authorities in Abu Dhabi by introducing the Binance flag to the United Arab Emirates.
The amount of cryptocurrency Changpeng Zhao, on the other hand, remains a mystery. In response to his title as the 11th richest person in the world, CZ took to Twitter to state that there is no need to worry about ranking, but focus on how many people he can help.
“Don't worry about rankings. Focus on the number of people you can help,” CZ tweeted on January 10, 2022.
Changpeng Zhao CEO of Binance One of the Richest People in the World
Founder and CEO of Binance, one of the world's major cryptocurrency exchanges, Changpeng Zhao has entered the ranks of the richest people in the world.
Quoted from Channel News Asia, reported on Wednesday (12/1/2022), based on statistics from the Bloomberg Billionaires Index, Changpeng Zhao currently has a net worth of USD 96 billion or around IDR 1,373 trillion (assuming an exchange rate of IDR 14,307 per US dollar) (assuming exchange rate of IDR 14,307 per US dollar).
That Zhao is worth more than Asia's richest man Mukesh Ambani, Facebook founder Mark Zuckerberg, and Google co-founders Larry Page and Sergey Brin is the first time Bloomberg has estimated such a sum.
Zhao's wealth is believed to be significantly larger, given that the estimated wealth does not include his personal crypto assets, which include Bitcoin and his own company tokens.
What is the Secret to Success Changpeng Zhao CEO of Binance
Binance's success is one factor in Zhao's immense wealth. BNN's volume and fee studies of Binance trading show that it generated at least $20 billion in profit last year.
About three times as much money as publicly traded business Coinbase Global is expected to raise, which now has a market cap of $50 billion.
However, Zhao and Binance disputed the veracity of Bloomberg's estimates of the company's market capitalization and net worth.
“Crypto is still in its infancy,” said Binance in a press release.
“It is susceptible to greater levels of volatility. The number you hear each day will be different from the number you hear the next day.” Binance went on to say.
Zhao made a quick appearance in Singapore at the Bloomberg New Economy Forum. He reveals the numbers behind the meteoric success of the company he started in 2017.
According to Zhao at the time, Binance had just completed $170 billion worth of transactions.
In the crypto world, that number is a huge number. Binance usually allows transactions on the next four largest exchanges combined.
Since 2013, the value of digital tokens has increased from $135 billion to $2.1 trillion on January 7, indicating a significant increase in the wealth generated in crypto.