Changpeng Zhao, founder and CEO of Binance, the world’s largest cryptocurrency brokerage, revealed in an interview with Associated Press which has only two currencies in its portfolio. One is Bitcoin and the other is Binance Coin, the exchange’s own currency.
Unlike its portfolio, its exchange allows users to trade a vast number of cryptocurrencies of all classes, tokens, meme coins as well as NFTs.
The CEO of one of the world’s biggest brokerages also gave his opinion on cryptocurrency memes, which are on the rise this year. Although he didn’t recommend them, and he doesn’t even understand them, he believes people are free to buy them, as long as they understand what they’re paying for.
Small portfolio, big fortune
Despite his exchange, Binance, enabling the trading of more than 500 cryptocurrencies, Changpeng Zhao — or just CZ — revealed that he only has two cryptocurrencies, the Bitcoin in which he has been investing for years, having even sold his apartment to buy the currency, and, of course, the Binance Coin (BNB).
In the best “do as I say, don’t do as I do” style, CZ claims that although he only has BTC and BNB in his portfolio, people owe them various investments.
“Actually, I don’t invest that much. I’m one of those really bad role models for most other people. I bought some bitcoins in 2014. I spent a little bit over time, but I held most of it. I didn’t sell. The other asset I own, which is most of my net worth, is BNB. Personally, I have no other coins.”, disse Changpeng Zhao
CZ investments, while lean, are actually great. Bitcoin has appreciated around 10,000% since 2014, the date CZ bought them, against the dollar. BNB, whose ICO price was 10 cents on the dollar, is now worth $581 (R$3,193) and is the third-largest cryptocurrency by market value.
CZ says he doesn’t understand meme coins
When asked about cryptocurrencies that started out as a joke, like Dogecoin, and then grew in value, CZ says that although he doesn’t personally understand their value, he believes this is good for the market as people can make their own choices. .
“If a large number of people in the community can appreciate a coin because it’s cute, because they like the meme, then the coin has value.”
Binance currently trades both Dogecoin and Shiba Inu, the two largest cryptocurrency memes on the market. According to CZ, it is difficult to say if they are a bubble, Doge herself has been around since 2013.
Finally, it is worth remembering that it is more important to follow a solid strategy, such as CZ, of having a few good coins. Profits associated with good projects are just a matter of time.