Changpeng Zhao, CEO of Binance, Identifies the Primary Factor Impeding Cryptocurrency Growth

Changpeng Zhao, the creator of Binance, wants to donate practically all of his riches to philanthropic organisations. This is the first time the mysterious billionaire has made such a revelation, and it has the potential to trigger a chain reaction of crypto millionaires following in his footsteps.

Changpeng Zhao, Binance’s CEO, said in a recent interview with Associated Press on Wednesday that he intends to follow in the footsteps of billionaires such as Bill Gates and John D. Rockefeller by donating a significant percentage of his riches. The 44-year-old CEO indicated that despite the substantial payment, he can continue to live his existing lifestyle.

“I am financially independent on a personal level. I don’t need a large sum of money to sustain my lifestyle in this manner.” Zhao explained. “I aim to give away the majority of my money, as several great entrepreneurs and innovators have done from Rockefeller to the present day. I aim to give away 90%, 95%, or 100% of my fortune.”

Zhao’s net worth is estimated to be approximately $2 billion, the majority of which comes from Binance, the world’s biggest cryptocurrency exchange. Changpeng Zhao acknowledged during the interview that he is not a cryptocurrency investor and currently has no currencies other than BNB and some bitcoins that he acquired in 2014.

“I personally do not own any other cryptocurrency or non-crypto project. “I do this purposefully to avoid any possible conflicts of interest,” he said. “As a result, I am very undiversified, which I do not suggest to the majority of people.”

Changpeng also said that he does not understand meme currencies such as Dogecoin and Shiba but recognises their “potential of decentralisation.” He points out that Dogecoin has been around for a long period of time and anticipates that more meme currencies will emerge in its wake.

The Cryptocurrency Issue
While cryptocurrencies are gaining popularity, Changpeng Zhao points out many fundamental issues with the asset class. He mentions volatility as one of the factors driving consumers away from cryptocurrencies, but notes that other investors love it. According to Zhao, the primary impediment to the rise of cryptocurrencies is their simplicity of use. He also expressed worry over the disposition of an individual’s assets after death.

“What will happen if you leave? Individuals perish. Can your children get it if you become abruptly unavailable? How do they get it? Is there a method to ensure they receive it and that they get it only after you die?”

He continues by stating that as the sector evolves, we may see significant advancements in this area. Changpeng Zhao earlier suggested that France is a possible location for the bitcoin exchange’s headquarters.

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