Binance’s billionaire founder Changpeng Zhao in a recent podcast said that in the beginning of his career in the crypto industry, he sold his apartment to buy Bitcoin as he didn’t have a job or money.
Speaking at the 'All-In Podcast' with investor Chamath Palihapitiya, Zhao said that back in 2013, he was introduced to Bitcoin by one of his friends, who asked him to invest 10 percent of his net worth into the cryptocurrency. "He said there is a small chance you will go to zero, but a much higher chance you will double your worth," Zhao recalled.
After this, Zhao started learning about Bitcoin which took him around six months to be convinced to make an investment. "Bitcoin then went from $70 in mid-2013 to $1,000 by the end of 2013. I felt that I am too late, I wished that I got in early. In case of Bitcoin, it doesn’t matter when you invest, you always feel you are late," he said.
Speaking about what was the biggest thing that convinced him to invest in Bitcoin, Zhao said that in December 2013, there was a Bitcoin conference in Las Vegas. He flew there to attend the 200-people event where everyone from the industry was present.
During this time, he already had a job. When the host asked if he was moonlighting, Zhao said, “Yes. When I got back, I told my partners, we should make a Bitcoin payment system.” During this time, he only had around one bitcoin worth nearly $1,000, and wanted to buy more.
"I told my partners that I am going to quit and work in the Bitcoin industry…I also needed to buy more Bitcoin, and I didn’t have any money, so I sold my apartment in Shanghai to buy Bitcoin," he said. Zhao added that he received $900,000 for his apartment in tranches, and used those payments to buy Bitcoin at an average price of around $600 apiece. Bitcoin today is worth around $67,000 apiece.
Zhao said that he finally found a job in the Bitcoin industry in two-three weeks from that time, and later founded Binance officially in 2017.
CZ's Untold Story: The Rise, Fall, and Redemption of Binance's Founder@cz_binance sits down with @chamath for an amazing two hour interview! (0:00) From China to Canada (6:13) CZ’s Early Career: Shockingly Normal (17:39) First Company in Shanghai (23:08) Discovering… pic.twitter.com/ztCJpxY5uz— The All-In Podcast (@theallinpod) February 10, 2026
The Binance founder’s net worth currently stands at $52.2 billion, according to Bloomberg.
Zhao served a four-month sentence in 2024 after pleading guilty to failing to implement adequate anti-money laundering measures at Binance. The guilty plea was part of a broader deal struck with the US government, which included a $4.3 billion settlement with Binance.
Zhao’s 2023 plea deal forced him to step down as Binance CEO but he was able to hold on to his controlling stake in the company, which soared in value immediately after Trump’s presidential victory.
Zhao, also known as CZ, was pardoned by Trump in October 2025 after serving jail time for failing to prevent money laundering on Binance.
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