AP Exclusive Interview | Binance's CZ: Already financially independent, planning to donate 90% of wealth to avoid conflicts of interest, holding only two types of cryptocurrencies!

Binance CEO Changpeng Zhao, also known as CZ, was interviewed by Associated Press yesterday regarding the cryptocurrency industry. During the interview, he discussed his views on meme coins in today's market, shared his investment experiences over the past few years, and committed to donating over 90% of his wealth.

Associated Press Interview

After Binance released the "Cryptocurrency User Bill of Rights" manifesto and expressed their views on current cryptocurrency regulations, CEO Changpeng Zhao (CZ) was interviewed by the Associated Press. Here are some key points from the interview regarding meme coins, cryptocurrency market volatility, and more.

On Meme Coins

Reporter: What have you learned or gained from the surge in value of meme coins?

CZ: Honestly, I don't have Dogecoin, but it demonstrates the power of decentralization. If there are enough people in the community who value and like a meme coin because it's cute, then it has value. As long as there is someone else willing to buy it, value is created.

Reporter: Isn't it a bubble when people buy something just because the next person will buy it?

CZ: In a way, yes, but it's not a black-and-white issue. Bubbles don't have a clear definition; Bitcoin has experienced significant drops but has rebounded. Amazon's stock also plummeted over 90% during the dot-com bubble in 2000, yet they are now one of the most valuable companies in the world.

What's important is they all have significant volatility. As long as people understand what they are holding and the risks involved, it's not a problem.

On Cryptocurrency Market

Reporter: Why is there such massive volatility in cryptocurrency prices, with rapid fluctuations?

CZ: For the average consumer, they must understand that everything is volatile. You have to put your value somewhere. It could be in a house, stocks, or dollars. But all these things fluctuate with each other.

Cryptocurrencies have high volatility because it's a relatively small market compared to traditional financial assets. The larger the market cap of an asset, the smaller the volatility. It's a mathematical problem.

Reporter: Is this volatility the biggest barrier for the general public to enter the crypto space?

CZ: I believe the main hindrance to cryptocurrency development is actually its "usability." Currently, securely storing your cryptocurrencies is very challenging. Even if your computer or phone is lost or compromised, there's still a chance to recover your crypto assets. But this means you need to back it up in a way that cannot be stolen.

On the other hand, if someone who owns crypto suddenly passes away or becomes unreachable, how will their children inherit their crypto assets? Even if they can inherit, how can they ensure they receive them only after the original owner's passing?

Reporter: People's views on the crypto industry are so polarized; they're either fervent believers or see it as worthless. Will it continue to maintain this all-or-nothing image?

CZ: In the past few years, it has indeed been quite polarized, but as more people enter the crypto space, we see a more neutral perspective. I've had conversations with athletes who are now researching NFTs and realize the value of NFTs. They may not be die-hard fans of cryptocurrencies, but they no longer have a skeptical attitude towards them.

Even central bank governors, when I spoke with them a year ago, were very skeptical. But in recent conversations, they have expressed, "We need this to develop our economy," even though they still have concerns about certain aspects of the crypto industry.

About CZ

Reporter: How do you invest your money?

CZ: I don't invest much, and it's not good advice. I bought some Bitcoin in 2014 and sold a small portion over time. Another significant asset I hold is BNB. Besides that, I don't hold any other cryptocurrencies.

I deliberately do this because I don't want any potential conflicts of interest. So, I'm not diversified in my investments, but I don't recommend this approach to most people.

Personally, I've achieved financial freedom, and I don't need that much money to sustain my life. I do intend to donate most of my wealth, like wealthy entrepreneurs or founders such as Rockefeller, donating 90%, 95%, or 99% of my wealth.