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| “Zhao Changpeng has become the world’s biggest cryptocurrency billionaire(Image: Bloomberg via Getty Images) |
A cryptocurrency CEO has become one of the richest people on the planet.
Changpeng “CZ” Zhao, who manages the Binance cryptocurrency exchange, has joined the ranks of the world’s top billionaires, with an estimated net worth of at least $96 billion, according to new calculations from the Bloomberg Billionaires Index published Monday.
Zhao’s predicted fortune now rivals that of Oracle founder (ORCL) Larry Ellison and surpasses that of Mukesh Ambani, the Indian tycoon whose fortune has also skyrocketed in the past two years.
The rise of the Canadian-Chinese entrepreneur is emblematic of the rapid creation of wealth in the rapidly evolving world of digital currencies.
Last year, other cryptocurrency founders also saw huge gains as the value of virtual coins rallied, with Ethereum creator Vitalik Buterin and Coinbase founder Brian Armstrong both becoming billionaires.
Sam Bankman-Fried, CEO of FTX, another cryptocurrency exchange backed by Binance, said on Tuesday “unprecedented wealth creation in the industry in recent years.”
I think there are a lot of people out there trying to figure out what to do with [that], ”said Friedman, who is a young billionaire himself, in a live chat on stage at the Asian Financial Forum in Hong Kong.
On Twitter Monday, Zhao also appeared to acknowledge the distinction “Don’t worry about the ranking.
” Focus on how many people you can help, ”he wrote.
A Binance spokesperson told CNN Business that “CZ intends to give up most of its wealth, even 99% of its wealth, along with other entrepreneurs and founders.
In recent years, others Famous business leaders, such as Facebook CEO (FB) Mark Zuckerberg, signed the Giving Pledge, an initiative started by Warren Buffett, Bill and Melinda Gates to encourage the world’s richest to donate the majority of their fortune to charity.
Zhao launched Binance in 2017, gradually turning it into one of the largest cryptocurrency exchanges.
According to a blog post on the company, the executive grew up in an immigrant family in Canada and previously worked at McDonald’s to support his family, and Bloomberg.
Zhao continued in another tweet on Tuesday, saying, “Unpopular Opinion: Instead of rankings of wealth, there should be a ranking of charitable and philanthropic efforts.
“He then learned about bitcoin in 2013 during a game of poker, after which he decided to go all-in on crypto by dedicating his life to it,” according to Binance. “He even sold his apartment to buy bitcoin.”
Like other exchanges, Binance has faced significant regulatory hurdles around the world in recent months, including a ban in the United Kingdom and other restrictions in countries including Canada.
Zhao has publicly addressed the setbacks, writing in an open letter last year that “clear regulations are critical for continued growth.”
“More regulations are, in fact, positive signs that an industry is maturing,” he added. “Because this sets the foundation for a broader population to feel safe to participate in crypto.
“He then learned about bitcoin in 2013 during a game of poker, after which he decided to go all-in on crypto by dedicating his life to it,” according to Binance. “He even sold his apartment to buy bitcoin.”
Like other exchanges, Binance has faced significant regulatory hurdles around the world in recent months, including a ban in the United Kingdom and other restrictions in countries including Canada.
Zhao has publicly addressed the setbacks, writing in an open letter last year that “clear regulations are critical for continued growth.”
“More regulations are, in fact, positive signs that an industry is maturing,” he added. “Because this sets the foundation for a broader population to feel safe to participate in crypto.”