• Bloomberg’s billionaire index has put Changpeng Zhao’s fortune at nearly $100 billion.
• The Binance CEO has stated in the past that he will most likely give away all of his wealth.
• Despite his financial fortunes, Changpeng Zhao faces a stern test from regulators around the world.

The rich list released by Bloomberg puts CZ as he is fondly called as the 11th richest man alive. His net worth by far outstrips the conservative figures given by Forbes last year.

Almost 100 Billion Dollars

Cryptocurrencies have earned a reputation for giving investors incredible returns on their investments and one of the major players in the ecosystem is already reaping the rewards. A recent Bloomberg rich list claims that Binance’s founder and CEO, Changpeng Zhao is worth $96 billion.

The rationale behind this valuation is that Zhao owns a majority stake in the largest cryptocurrency exchange in the world, Binance. According to data gleaned from trading volumes and fees, Binance recorded around $20 billion in revenue which is nearly 3 times the revenue of Coinbase. An interesting fact about the rating is that it does not take into account his crypto holdings. Zhao is said to hold a large cache of BNB that has since soared by over 1000%

“Don’t worry about rankings. Focus on how many people you can help,” he tweeted a few hours after the Bloomberg report went live. “Unpopular opinion: instead of wealth rankings, there should be a ranking of charity and philanthropy efforts.”

The CEO has previously stated that he intends to donate more than 90% of his fortune to charity over the course of his life like other wealthy entrepreneurs that had come before him. He claimed in an Associated Press interview that he personally did not require a lot of money to maintain the current standard of his life. However, in a money move, reports emerged that CZ had purchased a multi-million dollar home in Dubai in November 2021.

Binance and its CEO donated $150,000 for the building of an ultramodern school in Uganda and also pledged to raise $1 million AUD for the planting of 100,000 trees in commemoration of Earth Day. Other charitable moves include the financial donation to healthcare workers in Mexico and a 1 million donation to UNICEF to support COVID-19 Vaccination equality.

Where He Seats On The Rankings

A net worth of $96 billion places Changpeng Zhao over India’s Mukesh Ambani and below Larry Elison. However, if his cryptocurrency holdings are taken into account, Zhao could easily rub shoulders with other tech billionaires like Mark Zuckerberg and Larry Page that have net worths of $122 billion and $123 billion respectively.

Binance has been embroiled in regulatory battles with the authorities in various jurisdictions, leading to fines and bans. The exchange has taken steps to be on the good books of regulators and is hiring ex-regulators to help in its compliance drive. It is expected that after achieving regulatory passes in its troubled jurisdiction, Changpeng Zhao’s net worth could outstrip Mark Zuckerberg’s.

The founder of FTX, Sam Bankman-Fried was named the richest 29 year old by Forbes last year with a fortune of $26.5 billion. Other cryptocurrency billionaires include Brian Armstrong, CEO of Coinbase, and the Winklevoss Twins, founders of crypto exchange Gemini.

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A Bitcoin whale is outrageously confident that Bitcoin will dump below $8,000 this August and they are betting a whole 10 BTC for it. However, the crypto bear is betting against, Changpeng Zhao, Binance’s CEO who, on the contrary, said anyone who sold their Bitcoin below $10,000 needs to slap themselves.

Changpeng Zhao Says “Do Not Bet Against Bitcoin”

In a tweet on August 1, 2019, Changpeng Zhao said anyone who gave away their Bitcoin while it was looming below $10,000 needs to slap themselves. According to Binance’s CEO, the slap is to serve as a reminder for next time. CZ also made another tweet on August 5, 2019, stating that no one should bet against Bitcoin.

Kra₿₿y, a Bitcoin whale who was among the hundreds of people to comment on CZ’s tweets, had something different to say. The crypto enthusiasts said they disagree entirely with CZ’s opinion, and as a matter of fact, they are willing to dish out 10 BTC to CZ if Bitcoin does not retrace below $8,000 this month.

Crypto Community Remarks on Whale’s Bet Against CZ

Kra₿₿y’s remarks were enough to draw the attention of the crypto community as to who could be confident enough to bet against Bitcoin’s potential price surge soon. Moreso, who could place 10 BTC currently valued at about $117,000 for an asset that is quite volatile and whose performance can only be predicted to a certain level of accuracy.

Those who made comments pointed out that Kra₿₿y will quickly lose because, in their opinion, Bitcoin can only go higher from here onward. Others remarked that even if there was a retrace, it wouldn’t be below $8,000 which the Bitcoin bear has predicted. There was also a class of users who’ll rather have the whale donate 10 BTC to charity instead of CZ who they claim “is already too rich.”

Crypto Whale Explains How Bitcoin Will Decline to $8,000

A closer look at Kra₿₿y’s twitter timeline shows an analysis of how Bitcoin will possibly dump below the price level he has predicted. According to him, Bitcoin is ready for a massive retracement very soon, and “Tomorrow’s daily candles will be RED.”

In a tweet on August 4, 2019, said:

“#Bitcoin August Analysis: $BTC will fail to break next resistance! 1. What will happen instead is we will reject it, then nose dive to the 7.5-8K Range. 2. We will likely re-test 9K~ around the middle of August. 3. Final dip to the yellow line. (buy there).”

Bitcoin, on the other hand, is trading around the $11,700 zone as at press time. CoinMarketCap’s platform also shows that as at 11:14 UTC +01:00 today, Bitcoin surged to $12,273. However, the price level was not maintained given that there was a sharp decrement to $11,812 barely an hour later.

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Changpeng Zhao, Binance’s CEO in a tweet on June 7, 2019, stated that the proposed draft bill in India seeking the ban of cryptocurrencies will help to push the adoption of cryptocurrency and specifically, privacy coin. A number of cryptocurrency enthusiasts have also been quick to agree with the CEO.

Media Outlet Informs of Draft Bill to Ban Cryptocurrency in India

Bloomberg Quint on June 7, 2019, reported that India has proposed a draft bill which targets the ban of cryptocurrency in the South Asian country. According to the media, if the bill is approved into law, anyone found holding, selling, or trading crypto assets will face between one to ten years in prison. In the same vein, they will be fined thrice the profits made from their trade or the loss encountered by the system.

While the news has stirred a lot of controversy in the cryptocurrency space, several comments have been made in its regard. Changpeng Zhao (CZ), for instance, gave his stance when he said if India goes ahead to ban this asset class, then it will drive up the adoption of cryptocurrency globally.

On consideration, this goes contrary to what others may be expecting since blocking access to cryptocurrency in a region that accounts for 17.74% of the total world population could potentially impact on its price. Like others have pointed out, no one likes to be told what they can and cannot do and as such, it will only pique their interest. As a Twitter user stated, “There is a Buddhist proverb – the best way to control someone is to let them roam free”

News About Crypto Ban in India Yet Unproven to be True

Despite CZ’s tweet, a number of people have pointed out that the news emerging from India is yet to be proven to be true. According to them, the government is still framing guidelines to determine how it will regulate the crypto space.

Another user, Shalini (Indian CryptoGirl) while responding to CZ’s tweet said the best way to know the country’s decision pertaining to cryptocurrencies is to wait for the supreme court’s notice. Shalini also noted that while the news may have come from a reputable media outlet, anonymous sources were quoted and as such, it is a clickbait that is meant to spread FUD (Fear, Uncertainty, and Doubt).

CZ, on the other hand, made another tweet agreeing that the news is aimed at creating FUD, however, his comments were made as a way of stressing the point. In his own words: “But can’t waste an opportunity to stress the point: The more restrictions you add, the more people want freedom / #crypto.”

John McAfee Also Comments on Potential Crypto Ban in India

Apart from CZ, other members of the space that have aired their views regarding the potential ban include John McAfee, founder of McAfee Associates and Bitcoin proponent as well as Tony Vays, a cryptocurrency enthusiast. According to McAfee in two tweets which he has deleted:

“The war has begun. An entire nation wishing to free itself is now punished for using the instrument of freedom.”

“If there ever was a time for Anonymous to step up to the plate, that time is now!”

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The CEO of Binance Changpeng Zhao in a response to a Twitter user who suggested the exchange should launch a stablecoin suggests he is considering launching one. The Twitter user said a stablecoin from Binance would become a major token on the Binance blockchain and there is no reason why the exchange shouldn’t launch one.

Binance launched its cryptocurrency Binance Coin (BNB) in 2017 and the coin has been largely successful. BNB was referred to as the new Bitcoin at some point because it was determining market direction i.e the market fell or rose as its price changed.

Binance is also the largest crypto exchange by adjusted transaction volume and has maintained that position for a long time. Changpeng Zhao’s influence in the cryptocurrency industry is so great that other exchanges could delist a token that his exchange delisted first.

This is why a stablecoin launched by the exchange can have a significant impact and probably grow faster than other stablecoins have. The recent event concerning Tether, however, may have reduced the popularity of stablecoins in the industry.

Stablecoins are cryptocurrencies just like Bitcoin and XRP, only they are backed by some more stable currency such as the U.S Dollar. Tether was said to be backed by the USD thus giving it a stable value so that users can pay for goods and services without having to worry about value fluctuation. However it was discovered during the court case following the suit that only 74% of USDT is backed by the USD.

This has sent chills down the spines of cryptocurrency users when it comes to stablecoins and it might take a while for that to go away. Launching a new stablecoin at this time therefore may not be a good idea but who is to say what possibilities lie ahead of Binance’s possible new stablecoin?

The whole cryptocurrency market is just recovering from the problems caused by Tether USDT. Bitcoin is over $5,400 and Ethereum is over $160 while XRP is in the reds with Binance Coin and of course Tether USDT among the top ten cryptocurrencies. But if Binance will launch a stablecoin that brings more good to the ecosystem that bad, why not?

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