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"To enjoy financial freedom, you must enjoy freedom of expression" - CZ
The co-founder of Binance said that the decision to invest in the social media platform X was primarily driven by a principled stance on freedom of expression.
The co-founder and former CEO of Binance, Changpeng “CZ” Zhao, took the stage at Token2049 in Dubai, UAE, where he told the audience that his investment in the social media platform X aimed to protect freedom of expression.
The former CEO of Binance joined a panel discussion with macroeconomic analyst Raoul Pal to discuss the rationale behind his investment in X and artificial intelligence in 2022. Zhao said:
I believe that financial freedom is important, but to enjoy it, there must be freedom of expression. Freedom of expression is fundamental. If you don't have it, it won't be of any use.
Zhao continued, saying: "So, when we invested in Twitter back then, it was based on this philosophy."
The former CEO of Binance also criticized European crypto policies, describing them as dead in the water compared to more business-friendly jurisdictions like the UAE, where he called for more financial independence and personal liberties.
Twitter, Changpeng Zhao
Macroeconomic analyst Raoul Pal and Changpeng Zhao at the Token2049 event. Source: Cointelegraph
Related: CZ aims to educate a billion children through Giggle Academy — Token2049
CZ sees potential in X, but issues still persist.
In October 2022, Zhao announced that the cryptocurrency exchange Binance invested $500 million in entrepreneur Elon Musk's acquisition of Twitter, now known as X.
The cryptocurrency exchange was one of 19 investors involved in the deal, which also included companies like Sequoia Capital Fund and Fidelity Management.
At the time of the investment, the former CEO of Binance said that while "the platform has massive value in itself," it faced many issues, including monetization problems, pesky bots, development issues, and fraudulent accounts targeting users with the aim of stealing money.
Zhao urged Elon Musk to ban bots on X in March, an issue that still plagues the platform, particularly affecting the cryptocurrency community on the platform by promoting fake tokens, deceiving users, or sending promotional content to the site.
Despite these issues, Zhao expressed hope that Binance could help the social media platform integrate into Web3 by facilitating cryptocurrency payments in the near future.
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