While the cryptocurrency market has been doing rather badly for several weeks, the same cannot be said for the finances of one of its main headliners. Indeed, Bloomberg has just provided an estimate of the fortune of Changpeng Zhao who is none other than the CEO of Binance, the largest cryptoexchange in the world. This would be in particular 96 billion dollars. Details in the following.
The richest man in Asia waiting to join the top 10 of the world’s fortunes
Despite regularly updating its World Billionaires Index, this is the first time that Bloomberg has calculated CZ’s fortune. This estimate would not take into account the cryptocurrencies held by the person concerned, namely bitcoin or Binance Coin. Thanks to the fortune of 96 billion dollars with which he is credited by Bloomberg, the CEO of Binance would dethrone Mukesh Ambani as the richest man in Asia. The fortune of the latter is notably estimated at 93.3 billion dollars.
Furthermore, Bloomberg ranks CZ as the 11th richest billionaire in the world, behind investors like Larry Ellison, Steve Balmer and Warren Buffett. Elon Musk obviously retains the lead in this ranking with an estimated fortune of $271 billion. He is followed by Jeff Bezos and his 187 billion USD, Bernard Arnault at 168 billion USD, Bill Gates at 134 billion USD and Larry Page at 123 billion dollars. This brings the combined net worth of the world’s top five fortunes to $883 billion.
Binance is stocking up on bitcoins
Bloomberg also reveals that CZ’s company generated at least $20 billion in revenue last year, based on an analysis of its trading volume and fees. The profits generated by the exchange should be more substantial this year in the event of another bitcoin bull run. Indeed, Binance proceeded on January 4 to the purchase of 43,000 bitcoins through one of his wallets.
This acquisition, made at an average price of $46,553 per bitcoin, represents an investment of approximately $5.5 billion. The exchange therefore took advantage of the fall in assets to make a big move on the market, like the strategy recently employed by MicroStrategy. Almost a month ago, Changpeng Zhao accused the company headed by Michael Saylor of taking advantage of the panic of investors in the market to buy bitcoins at a discount.
Taking into account the value of the cryptocurrencies in his possession, Changpeng Zhao would therefore potentially have a fortune of more than 100 billion dollars. However, these figures could be less important in reality given the downward trend that is currently affecting the cryptocurrency market.
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Luc Jose Adjinacou
Far from having dampened my enthusiasm, an unsuccessful investment in 2017 on a few cryptos only increased my enthusiasm. I therefore resolved to study and understand the blockchain and its many uses and to relay with my pen information relating to this ecosystem.