Zhao Changpeng (CZ) was once also a victim of market manipulation

CZ is the founder of Binance, the largest cryptocurrency exchange in the world. But did you ever think that when he first got into Bitcoin, he was also a victim of market manipulation!

One day in 2013, Zhao Changpeng, who enjoyed and excelled at socializing, was playing poker with a group of friends.

During the game, a Sequoia Capital investor casually mentioned Bitcoin. At that time in 2013, it was indeed one of the few significant bull markets in Bitcoin's history. It was natural for this Sequoia Capital investor, as a profit-maker in the financial market, to talk about Bitcoin at the poker table.

Little did he know, "the speaker has no intention, but the listener is interested." What that Sequoia Capital investor mentioned casually sparked a strong interest in Zhao Changpeng.

Afterward, Zhao Changpeng began his own research on Bitcoin.

After reading the Bitcoin white paper over and over again, in 2014, Zhao Changpeng made a crazy move that many people at that time could not understand: he sold his house in Shanghai and went all in on Bitcoin at around $600 each! He became a "madman" with 99% of his capital in Bitcoin!

After making this crazy move, just like any other investor at that time, he certainly hoped for timely and substantial returns on his investment.

However, the merciless market did not reward him for becoming a heavyweight figure in this market later on.

On the contrary, in the following period, the bull market of 2013 came to an end, and the bear market arrived as expected! Bitcoin prices fell continuously, and at their lowest point, compared to the peak price of that bull market, the Bitcoin investment made by Zhao Changpeng caused his principal to evaporate rapidly by 70%.

However, what made him both laugh and cry was that in 2014, after he sold his house for Bitcoin, housing prices in Shanghai skyrocketed. Compared to 2013, housing prices in Shanghai actually doubled!