CZ Regrets Being Late to the Crypto World
Binance founder Changpeng Zhao (CZ) regrets entering the crypto world late. This is because early investors with abundant Bitcoin holdings, known as "whales," purchased Bitcoin at a very low price, around $0.1 in 2011, and now they can influence the market due to their large holdings.
Not only that, early adopters also had significant advantages as they entered when the technology was not widely known.
CZ first learned about Bitcoin in 2013 while playing poker with Bobby Lee, the founder of BTCC and brother of Charlie Lee, the creator of Litecoin. Lee advised Zhao to invest 10% of his money into Bitcoin, but Zhao went "all in" by selling his apartment and investing all of his wealth into Bitcoin. This made his family very disappointed.
Then Zhao founded Binance in 2017 and is estimated to still own about 90% of the exchange's shares, along with a large number of his BNB tokens. This shows that even though he feels late, he still managed to build Binance, one of the largest crypto exchanges in the world. CZ demonstrates that despite being late, opportunities in the crypto world remain vast.