Changpeng Zhao Values His Wealth Far Below the $114 Billion Estimate

Changpeng Zhao put his wealth at about $10 billion to $30 billion, saying estimates above $114 billion are far too high. The Binance shareholder also discussed his early Bitcoin investment and MGX’s $2 billion investment in the exchange.

Zhao said he believes $10 million is enough to support a comfortable daily life, with additional wealth adding little to personal quality of life.

He said he first heard about Bitcoin (BTC) in Shanghai in 2013. After several months of research, Zhao sold a three-bedroom home and invested the full $900,000 proceeds in Bitcoin.

Zhao said MGX’s investment valued Binance at $75 billion. He had preferred to receive payment in Bitcoin, while the UAE investment party favored a stablecoin settlement because of price volatility risk.

He denied that Binance required settlement in USD1, saying MGX chose the payment currency. Zhao added that he would not focus much on which stablecoin was used if it had a good reputation and was unlikely to lose value in the short term.

Zhao said he no longer participates in Binance’s daily operations or management and is a passive shareholder.