Market Wisdom from Changpeng Zhao as Binance CEO Steps Down
Binance is the largest crypto exchange in the world by volume.
The company just recently turned six years old earlier this year. In addition to Zhao stepping down as CEO, Binance agreed to settle DOJ charges of money laundering with a $4.3 billion fine.
Furthermore, the exchange saw over $1 billion in outflows in under 24 hours as customers withdrew funds and tokens following the news. Supporters sent CZ an outpouring of sympathy and cheers on X.com.
Here are three powerful quotes from “CZ Binance” to remember.
1. Bull or Bear, “It’s Always A Build Market”
The Binance CEO and founder was always in it for the tech, not just the profits. Before cryptocurrency, Zhao worked on stock trading systems for brokers in Shanghai.
“It’s always a build market.”
Akin to Microsoft’s Steve Ballmer’s famous chant for “Developers, developers, developers, developers, developers, developers, developers, developers,” Changpeng Zhou has been a relentless cheerleader for devs in the cryptocurrency space.
CZ’s philosophy of life and business is like that of Steve Jobs. The Apple founder said:
“Everything around you that you call life was made up by people that were no smarter than you, and you can change it, you can influence it, you can build your own things that other people can use.”
Demand for blockchain developers is reportedly rising fast.
It’s always a build market.
— CZ
BNB (@cz_binance) June 22, 2022
2. Changpeng Zhao on Bitcoin’s Economics
Given his experience designing digital trading systems from scratch, the former Binance CEO has a realistic understanding of supply and demand economics in liquid markets.
“Don’t try to accumulate assets with unlimited supply. It’s a game you will never win. Only the supplier wins.”
It’s sage economic advice. It’s also very pro-Bitcoin and anti-fiat cash (and cash equivalents) as long-term savings. Bitcoin’s halving in five months is currently driving a sustained bull market rally in Bitcoin prices.
Don’t try to accumulate assets with unlimited supply. It’s a game you will never win. Only the supplier wins.
Instead, only accumulate assets with limited supply.
— CZ
3. Binance CEO: Bitcoin is Inevitable.
He built an exchange for trading hundreds of cryptocurrencies, but Changpeng Zhao was a big supporter of the original cryptocurrency, Bitcoin. In 2019, CZ praised Bitcoin while hailing the rise of cryptocurrency as a manifest destiny for the global economy.
“Bitcoin never needed a bailout. You will be forced into #crypto, whether you like it or not. The higher your tolerance of being robbed, the longer it may take. But eventually, you will be so poor that you have to change. It’s inevitable! Better do it sooner.”
Free speech and free markets are bedrock principles in most democracies. Blockchains advance both with decentralized, immutable, censorship-resistant, borderless networks to trade a basket of competing private and open-source currencies. Mr. Zhao helped pioneer a truly revolutionary industry to the world.
Bitcoin never needed a bailout.
You will be forced into #crypto, whether you like it or not. The higher your tolerance of being robbed, the longer it may take. But eventually, you will be so poor that you have to change. It’s inevitable! Better do it sooner. https://t.co/OwrVuRUb1x
— CZ
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