 ▲ Changpeng Zhao (CZ), Bitcoin (BTC), Apartment / ChatGPT-generated image |
Binance founder Changpeng Zhao (CZ) has revealed that he once sold his apartment—virtually all of his net worth at the time—because he believed in Bitcoin’s potential and invested the proceeds. Alongside this story, attention has also focused on how the extraordinary conviction of early investors led to the birth of a major exchange.
According to cryptocurrency media outlet The Crypto Basic on March 3 (local time), Zhao said in a recent interview that in 2014 he sold his Shanghai apartment, then valued at around $900,000, and went all-in on Bitcoin. After first encountering Bitcoin in 2013, Zhao spent about six months studying the white paper, engaging with the early community, and analyzing its technical value. Even though Bitcoin’s price had surged from $70 to $1,000 before entering a correction phase, Zhao viewed the pullback as a strategic entry opportunity.
Zhao explained that in early 2014, when Bitcoin’s price had fallen to around $400, he invested the funds from selling his Shanghai home, with an average purchase price of about $600. Even after his purchase, the market declined further, but instead of retreating, Zhao expanded his position, demonstrating long-term conviction. Despite not even having a stable job at the time, his bold decision was not a simple short-term trade but a firm bet on the future value of digital assets.
At the time, Zhao also attempted a major career shift simultaneously with the sale of his apartment. He left his previous job to focus entirely on the digital asset sector and later joined the early team at Blockchain.com. By handling various exchange-related tasks and building expertise in trading infrastructure and digital asset markets, Zhao experienced the structural characteristics of the crypto market firsthand and laid the foundation for his future as an entrepreneur.
Zhao has described Bitcoin as one of the most significant technological breakthroughs of his lifetime, comparing its potential to that of the early internet. He assessed that the downside risk was limited compared to its long-term upside potential, a belief that later became the foundation for launching his own venture. Founded by Zhao in 2017, Binance grew into the world’s largest cryptocurrency exchange, made possible by his deep understanding of trading systems developed from the early days.
Zhao’s reflection once again highlights the level of risk tolerance and deep trust in technology demonstrated by early Bitcoin adopters. Although his 2014 investment went through multiple market cycles and fluctuations, Zhao’s decision remains an example of the unique insight shown by an entrepreneur during the formative years of digital assets. The capital and experience gained from his early investment ultimately became the seed money for building Binance into a massive platform, playing a decisive role in shaping today’s global digital asset ecosystem.
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