Changpeng Zhao, founder and CEO of Binance, the world’s largest cryptocurrency exchange, expressed that he prefers to hoard cryptocurrencies rather than fiat money. Among them, he highlighted Bitcoin as one of his favorites and specified his preference for cryptographic assets when acquiring goods and properties.
I’m one of those guys who values liquidity far more than owning something. In fact, I’d rather have nothing, ”Zhao said in an interview with Bloomberg on Wednesday.
He noted that various cryptocurrencies now account for almost 100% of his total net worth. Since he does not own any real estate or many fiduciary holdings. When asked how much of his net worth is invested in crypto, Zhao, the CEO of Binance said:
I would say probably close to 100%. I don’t have any fiat. The physical things I own are probably negligible in terms of my net worth. So this is a change in concept. I am not using crypto to buy fiat money. I am not using cryptocurrency to buy houses. I just want to keep cryptocurrencies. And I do not plan to convert my crypto to cash in the future.
Zhao said that it took him a while to grow his crypto portfolio. After buying his first Bitcoin, the CEO of Binance was in a hurry to sell his apartment that he bought in 2006 in Shanghai. “I sold my apartment to buy Bitcoin and I also quit my job,” he said. “You can rent an apartment or stay in a hotel, that gives you a lot more liquidity,” Zhao added.
According to data from China’s Hurun Research Institute, Binance CEO Zhao is one of the richest men in the world in the cryptocurrency and blockchain industry. Ranked as the third richest crypto billionaire, with total wealth estimated at $ 8 billion as of January 2021.
Bitcoin and other cryptocurrencies show falls
The price of the main cryptocurrency in the market, Bitcoin, shows a downtrend today. Likewise, the feeling of fall has been seen for the rest of the cryptocurrencies.
Bitcoin is trading at USD 56,000, decreasing by -3.50% in the last 24 hours, according to what is registered by our Crypto Online tool.
According to reports published by various news portals, this drop could be associated with the settlement of orders totaling USD 1.8 billion in long trading positions, mainly through platforms such as Binance, Bybit and Huobi. This implies a large number of sales that increase the available supply of Bitcoin in the market, which possibly generated the reduction seen in the morning of this April 7.
However, analysts and enthusiasts point out that these types of fluctuations are normal within this market, so, although the price may fall in the next few hours, they still maintain the expectation that this could simply be a setback in the face of the next all-time highs recorded by the digital currency in the coming weeks / months.
Major altcoins are also down on April 7
As if it were a “domino effect”, the fall of Bitcoin was also felt among the main altcoins in the market. Which are going down for the time of editing.
Especially noteworthy are the falls seen in currencies such as Ethereum (ETH), Ripple’s XRP, Polkadot (DOT), Uniswap (UNI), Litecoin (LTC), Bitcoin Cash (BCH), Stellar (XLM), Filecoin (FIL), TRON ( TRX), Terra (LUNA), EOS, BitTorrent (BTT) and many others, which capitalize losses between 4% and 15%.
However, in the face of this generalized fall seen among the main exponents of the market, other cryptocurrencies that are on the rise at the time of publication also stand out. This is the case of currencies such as THETA and Solana (SOL), with increases of 9% and 10% respectively.
UK Bitcoin Mining Revenues Soar
UK-based Bitcoin mining company Argo Blockchain just posted the best quarter in its history. Generating record income for three months in a row. However, despite the burgeoning cryptocurrency mining company emerging in the West, the vast majority of Bitcoin production still takes place in China. Where cheap coal-fired electricity uses untold numbers of mining rigs.
A recent report from Nature.com revealed that up to 75% of Bitcoin mining takes place in China. A news that should fall hard on the ears of Shark Tank and Dragon’s Den investor Kevin O’Leary, who recently labeled all Bitcoin mined using fossil fuels as “blood currency.”
The investor went on to say that from now on, the only Bitcoin he would buy and deal with would be a “clean currency.” That is, Bitcoin from miners that use green or renewable energy.