Chao Changpeng (CZ), the founder of Binance and one of the most influential figures in the crypto world, made impressive statements during the program he attended on a wide range of topics, from his time in prison to the future of Bitcoin, his famous conversation with Sam Bankman Freed, and the concept of financial freedom.
In an interview to promote his new book Freedom of Money, CZ spoke about the industry’s past and future.
CZ said it is a mistake to view cryptocurrencies only as investment vehicles whose prices will rise. CZ described the technology as the “Internet of Finance” and argued that the fundamental goal of blockchain technology is to increase economic freedom.
He said he does not believe there will be a war between traditional finance (TradFi) and cryptocurrencies, but rather that the technology will eventually be integrated into the entire financial system. He said the change in opinion on cryptocurrencies, especially among figures like Larry Fink (BlackRock CEO), is due to the inevitable adaptation of technology.
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The most impressive part of the interview was the conversation I had with FTX founder Sam Bankman Fried (SBF) before the company went bankrupt. CZ described the SBF’s behavior when he called asking for billions of dollars in aid as “bizarre.” CZ said: “If you’re going to ask someone for billions of dollars, you need hard numbers. But first he said 2 billion, then 6 billion, then 4 billion. This showed he didn’t know what was going on either.”
CZ said the experience made him a more humble person after serving a four-month prison sentence for violating the Bank Secrecy Act. He said that while he was in prison, he missed relationships and his health the most, and that he cried when he was forced to resign as CEO of Binance, but now the situation has opened new doors for him.
CZ said that he has no plans to return to managing Binance at this time, saying that the current team is doing a great job and is devoting his time to mentoring other entrepreneurs and working on investments.
When asked about the identity of Bitcoin founder Satoshi Nakamoto, CZ replied, “I don’t know. I think it’s better not to know.” He argued that Nakamoto’s anonymity would make Bitcoin more decentralized and protect its founders from potential legal targets.
*This is not investment advice.
