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CZ Regrets Being Late to Enter the Crypto World

Binance founder Changpeng Zhao (CZ) regrets being late to enter the crypto world. This is because early investors with abundant Bitcoin holdings, known as “whales,” bought Bitcoin at a very low price, around US$0.1 in 2011, and now they can influence the market due to their large holdings.

Not only that, early adopters also have significant advantages because they entered when the technology was still not widely known.

CZ first encountered Bitcoin in 2013 while playing poker with Bobby Lee, the founder of BTCC and brother of Charlie Lee, the creator of Litecoin. Lee suggested Zhao invest 10% of his money into Bitcoin, and Zhao instead went “all in” by selling his apartment and investing all his wealth into Bitcoin. This made his family very disappointed.

Zhao then founded Binance in 2017 and is estimated to still own about 90% of the exchange's shares, along with a significant amount of his BNB tokens. This shows that although he feels late, he has still succeeded in building Binance, one of the largest crypto exchanges in the world. CZ demonstrates that even if late, the opportunities in the crypto world remain vast.