The assets of Binance exchange CEO Changpeng “CZ” Zhao, according to Bloomberg estimates, are $ 96 billion, making him the richest in the cryptocurrency industry. Zhao has already surpassed Asia's richest man, Mukesh Ambani, and may find himself alongside Warren Buffett and Mark Zuckerberg in the Bloomberg Billionaire Index.
In reality it would be even greater
Binance CEO Net Worth could be even higher than $ 96 billion, as Bloomberg did not take into account Zhao's personal holdings in Bitcoin (find out how buy Bitcoins) and Binance Coin, the cryptocurrency issued by Binance.
Recall that in March, the Chinese research institute Hurun presented a ranking of crypto billionaires at the end of 2020. Zhao's wealth was estimated at $ 8 billion - he was second only to FTX chief Sam Bankman-Fried (10 billion dollars) and Coinbase CEO Brian Armstrong (11,5 billion dollars).
However, in November 2021, reporters from China Caijing estimated Zhao's fortune at $ 90 billion, based on the assumption that he owns a 30% stake in Binance. Also in November, Zhao said he owns Bitcoin and Binance Coin. In the last year alone, Binance's token rate has grown more than 10 times, which has allowed BNB to become the third largest asset in the cryptocurrency market.
In addition, according to Bloomberg estimates, Binance's revenue last year was at least $ 20 billion, which is nearly three times higher than analysts' forecasts for the U.S. exchange Coinbase, which is listed on the stock exchange with a market capitalization of 50. billions of dollars.
"Coinbase may look like an 800-pound gorilla from an American perspective, but Binance is significantly larger," said DA Davidson & Co. analyst Chris Brandler.
No confirmation from Binance CEO
Zhao and Binance declined to confirm the accuracy of Bloomberg's estimates. Zhao himself, in a November interview, in response to a question about his condition, said he was not interested in "wealth, money, valuations."
“Cryptocurrencies are still growing. They are subject to high levels of volatility. Any value given to you today will be different from tomorrow, ”the company said.
Following Zhao on Bloomberg's crypto billionaire rankings are the anonymous Bitcoin creator Satoshi Nakamoto with $ 45,8 billion, FTX CEO Sam Bankman-Freed with $ 15,4 billion and Coinbase CEO Brian Armstrong with 8,9 billion dollars.
According to Bloomberg, Zhao is currently engaged in a meeting with the Abu Dhabi royal family, who are more than happy to provide his company with an official job opportunity. Zhao previously revealed that he bought his first home in the UAE after Binance selected the country as one of the possible locations to open its headquarters.