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Crypto: CZ, Former Binance CEO, Recounts How Bitcoin Changed his Life

Mon 04 Dec 2023 ▪ 3 min of reading ▪ by Luc Jose A.
Getting informed ▪ Invest

The fact that Changpeng Zhao (CZ) is facing the full force of U.S. law has not prevented him from sharing a poignant testimony about Bitcoin (BTC). The former CEO of Binance recounts how his decision, a decade ago, to invest his entire being into the flagship cryptocurrency, completely changed his life. However, he does not call on users to emulate him.

Portrait of CZ, Binance's former CEO

Changpeng Zhao (CZ) went all in on the flagship cryptocurrency!

Changpeng Zhao, the former CEO of Binance, also known as CZ, recently revealed the unconventional path that led him to success in the crypto industry. About ten years ago, he decided to give up everything to dive into Bitcoin (BTC).

“10 years ago today, I quit my job, sold my house, and aped into Bitcoin,” shared the former executive of the crypto exchange platform Binance, on social media.

In this regard, the crypto expert humorously recalled his mother’s initial skepticism about his rather risky and bold move. As he celebrates the 10th anniversary of this life-impacting decision, Changpeng Zhao nonetheless issued a warning.

It is true that his choice to bet everything on Bitcoin (BTC) made him one of the industry’s titans. However, the expert warns against the inclination to follow in his footsteps. He emphasized the importance of acquiring effective risk management and risk tolerance skills.

This testimony from CZ comes at a crucial time in his career where he is grappling with legal issues. As a reminder, the former CEO of Binance is currently under the threatening shadow of a potential 10-year prison sentence.

This is linked to the fact that he recently pleaded guilty to certain criminal acts that the U.S. justice system suspects him of committing. He even had to post a $175 million bail to remain free pending trial.

In the meantime, the expert has stepped down from the helm of the company he built over his lifetime, by agreeing to a record $4.3 billion settlement with the U.S. Department of Justice (DOJ). Isn’t this yet another sign of his risk tolerance?

Be that as it may, the famous crypto investor Arthur Hayes has criticized what he views as an “absurd” attack against CZ. For the former CEO of BitMEX, who has predicted the spectacular surge of Bitcoin, the treatment of CZ and Binance is arbitrarily imposed by the State.

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Luc Jose A. avatar
Luc Jose A.

Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.