The CEO of leading cryptocurrency exchange Binance made a revelation that turned the heads of many in the cryptocurrency ecosystem. CZ left Crypto-Twitter in shock when he revealed that his billion dollar fortune is almost entirely made up of cryptocurrencies.
Is he very brave or very stupid?
Despite the volatility of the market, the CEO is not troubled by the ups and downs of the crypto-space. He reveals that nearly all of his net worth, which according to Forbes is estimated at $ 1,9 billion as of 2021, is in cryptocurrency.
“I would say probably close to 100%. I don't own any fiat currency, the physical things I own are likely to be negligible in terms of net worth. So this is a shit concept, ”he said in an interview with Bloomberg.
CZ is not part of the pool of long-term holders who intend to sell their cryptocurrencies for profit and buy more cryptocurrency to continue the profit cycle. He reveals that he is not in the business of converting to fiat or buying property, but that he is only interested in owning cryptocurrencies.
“I'm not using cryptocurrencies to buy traditional currencies, I'm not using cryptocurrencies to buy houses. I just want to keep my digital possessions. And I have no plans to convert my cryptocurrency into cash in the near future, ”he explained.
A key point to grasp from CZ's big revelation is that much of its wealth, at least 95% if not more, as speculated by analysts, was realized as a profit from its crypto ventures and investments. This makes CZ one of the few cryptocurrency billionaires on the market.
Not bad for a location
According to Forbes, who recently released the 35th annual list of billionaires from around the world, CZ is one of 8 new members to join the Crypto Billionaire gang. FTX founder Sam Bankman-Fried tops the list as the richest crypto billionaire in the world, with an estimated net worth of $ 8,7 billion.
The second position was snatched from Brian Armstrong, CEO of Coinbase. With its recent reveal, Coinbase Q1, it comes as no surprise that Armstrong is a beneficiary of last year's lightning-fast Bitcoin price hike. It is now worth $ 6,5 billion.
Despite Ripple's legal woes, Ripple co-founder Chris Larsen manages to hold onto the third position, with an impressive net worth of $ 3,4 billion. Not even the former creators of Facebook can be ignored. The Winklevoss twins each have a $ 3 billion fortune. Micheal Saylor's Bitcoin gamble seems to have already paid off as it has raised a whopping $ 2,3 billion in net worth.
Venture capitalist Tim Draper andcryptocurrency investor Longtime Mattew Roszak are rewarded for their early arrival to the market with $ 1,5 billion each. Also included in the list are Barry Silbert, Fred Ehrsam and Jed McCaleb.
