“He made over $60 billion, but his mom still called him stupid.”
That was the opening statement of Nuseir Yassin, the anchor and host of Nas Daily, a motivational Youtube channel that hosted Changpeng Zhao, the CEO Binance. The program uploaded by the channel on May 5 shared the story behind CZ success in crypto.
According to CZ, he came across Bitcoin in 2013 while playing poker with his friends. According to him, during one of their numerous poker games, a friend asked if they had heard about “the Bitcoin”. Even though Zhao hadn’t, he liked the sound of the “internet money”.
The story of @cz_binance is a must see! pic.twitter.com/ddvfXBkrzh
— Nuseir Yassin (@nasdaily) May 5, 2022
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Downloading The Bitcoin Whitepaper
The name sounded really good according to the report. CZ said that he found even the name, Bitcoin fascinating.
Getting home that day, he downloaded the 9-page Bitcoin whitepaper. The document, also known as the Satoshi Whitepaper,enabled him to know more as he read every word.
Yassin said that CZ was very convinced that Bitcoin is the future of finance and acted on his belief in a manner that even his closest friends and family were shocked.
Investing in His Conviction
CZ sold his apartment in Shanghai and quit his job. The fund he realized from the sale, $1 million, was invested into Bitcoin. Even though people thought that he was crazy, CZ was convinced that this is the future. He called it an opportunity of a life-time considering that few people actually knew about Bitcoin then.
CZ, who was born in China, grew up in Vancouver Canada. The Binance founder now lives in Dubai where his company operates from.
His conviction about Bitcoin was premised on the fact that it was new and he recognized it as the future of money when many people were not aware of its existence. CZ likened Bitcoin to email and social media.
“When I first used email, I knew it was gonna stay. When you first used social media, you just knew. When I came across Bitcoin, I knew it was gonna stay”
The journey wasn’t smooth though. After investing $1 million, the value of Bitcoin dropped by 70%. It was at this point that his mom said he was dumb to lose such an amount of money instead of doing what others were doing – working in a corporate setting.
To The Top in Six Months
The report said that Zhao quit both job and hobbies and spent 5 years working on blockchain technology. This is the system that drives Bitcoin. Then, he established Binance which became the top exchange in 6 months. Binance, with more than 100 million users is instrumental to making Changpeng Zhao, the richest guy in crypto.
CZ said that he told the Binance team at the outset that they would work at making the exchange the top ten, but Binance became the top cryptocurrency exchange in 6 months. The Binance founder said he was shocked at the growth of the company. When asked about what it is like to own so much money, CZ said that it is not about making money, but giving people services that would make them adopt cryptocurrencies.
For CZ, he said that conviction is everything. People who believe in a new concept should have the stamina to keep working at it until the rest of the population catches up.
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