The CEO of leading cryptocurrency exchange Binance has made a revelation that turned heads in the cryptocurrency ecosystem. CZ left Crypto-Twitter in shock when he revealed that his billion-dollar fortune is almost entirely made up of cryptocurrencies.
Despite market volatility, the CEO is not fazed by the ups and downs of the crypto-space. He reveals that almost all of his net worth, which according to Forbes is an estimated $1.9 billion as of 2021, is in cryptocurrency.
“I would say probably close to 100%. I don’t own any fiat, the physical stuff that I own is probably negligible in terms of my net worth. So this is a concept shit.” He said, in an interview with Bloomberg.
CZ doesn’t fall into the pool of long-term holders who intend to sell their crypto-holdings for-profit and buy more cryptocurrency to continue the profit-making cycle. He reveals that he is not in the business of converting to fiat or buying properties, but that he is only interested in holding cryptocurrencies.
“I’m not using crypto to buy fiat, I’m not using crypto to buy houses. I just want to keep crypto. And I don’t plan to convert my crypto into cash in the future.” He explained.
A key point to take away from CZ’s big reveal is that a large part of his wealth, at least over 95% as speculated by analysts’ was made as profit from his crypto-ventures and investments. This makes CZ one of the few cryptocurrency billionaires in the market.
Joining the Crypto Billionaire league are 8 new members, according to Forbes recently published 35th Annual list of world Billionaires. Founder of FTX, Sam Bankman-Fried tops the list as the richest crypto Billionaire with a net worth of $8.7 billion.
The second position was snatched by Brian Armstrong, the CEO of Coinbase. With his recent Coinbase Q1 reveal, it comes as no surprise that Armstrong is a beneficiary of Bitcoin’s meteoric price rally from last year. He’s now worth $6.5 billion.
Despite Ripple’s legal woes, Chris Larsen, the co-founder of Ripple, manages to hold the 3rd position, with an impressive net worth of $3.4 billion. The Winklevoss Twins are not left out as they each sit on a $3 billion fortune. Micheal Saylor’s Bitcoin bet seems to have already paid off as he garnered a whopping $2.3 billion in net worth value.
Venture capitalist Tim Draper and long-time crypto investor Mattew Roszak are rewarded for their early arrival into the market with $1.5 billion each. Barry Silbert, Fred Ehrsam, and Jed McCaleb are also included in the list.
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