From Apartment Sale to Bitcoin Billionaire: The Unlikely Journey of Binance's Founder
In a candid revelation on the popular 'All-In Podcast', Binance founder Changpeng Zhao shared the extraordinary story of how he liquidated his real estate to plunge into the volatile world of cryptocurrency at a time of personal financial uncertainty. The billionaire entrepreneur, known globally as CZ, disclosed that he sold his apartment in Shanghai to fund his initial Bitcoin purchases when he was both unemployed and struggling to make ends meet.
The $900,000 Bet That Changed Everything
"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," Zhao recounted during his conversation with venture capitalist Chamath Palihapitiya on the podcast, which features influential figures from business, technology, and finance sharing personal stories and macro perspectives.
The transaction yielded approximately $900,000, which Zhao received in multiple installments. He then deployed this capital to acquire Bitcoin at an average price of around $600 per coin. With Bitcoin currently trading near $67,000, that early investment has appreciated exponentially, representing one of the most remarkable financial transformations in modern history.
The Conviction That Preceded the Investment
Zhao's journey into cryptocurrency began in 2013 when a friend introduced him to Bitcoin and suggested he allocate 10% of his net worth to the digital asset. "He said there is a small chance you will go to zero, but a much higher chance you will double your worth," Zhao recalled, highlighting the risk-reward calculus that initially piqued his interest.
What ultimately solidified his conviction was attending a Bitcoin conference in Las Vegas in December 2013. The intimate gathering of approximately 200 enthusiasts, most already deeply embedded in the crypto ecosystem, provided Zhao with tangible proof of the technology's potential through face-to-face interactions. "Meeting them in person made me believe in Bitcoin's future," he emphasized.
At that time, Zhao was employed but immediately began exploring Bitcoin-related projects upon returning from the conference. "When I got back, I told my partners, we should make a Bitcoin payment system," he told the podcast host. Despite owning just one Bitcoin worth about $1,000 at that moment, his appetite for additional investment was growing rapidly.
Months of Research and the Fear of Being Late
Before committing any significant capital, Zhao embarked on an extensive period of study and due diligence on digital assets. He watched Bitcoin's price surge from $70 in mid-2013 to $1,000 by year's end, experiencing the common investor anxiety of potentially missing the boat. "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 confessed, a sentiment that resonates with many cryptocurrency investors even today.
From Bitcoin Investor to Exchange Titan
Following his apartment sale and Bitcoin acquisition, Zhao secured employment within the burgeoning Bitcoin industry, gaining crucial hands-on experience. This foundation eventually led him to establish Binance, which officially launched in 2017 and rapidly grew into one of the world's largest and most influential cryptocurrency exchange platforms operating globally.
Wealth, Legal Challenges, and Political Pardon
According to the Bloomberg Billionaire Index, which tracks the fortunes of the world's wealthiest individuals based on business holdings and market valuations, Changpeng Zhao currently possesses a net worth of $52.2 billion.
However, his path has not been without significant legal hurdles. In April 2024, Zhao was sentenced to four months in prison after pleading guilty to charges of enabling money laundering at his crypto exchange in a federal court in Seattle. This guilty plea formed part of a comprehensive agreement with the U.S. government that included a massive $4.3 billion settlement with Binance.
The 2023 plea deal necessitated Zhao's resignation from his CEO position at Binance, though he retained his controlling stake in the company. Interestingly, Binance's value experienced a substantial surge immediately following Donald Trump's presidential victory.
In October 2025, after serving his jail term for failing to prevent money laundering on the Binance platform, Zhao received a presidential pardon from Donald Trump. This controversial pardon subsequently drew increased scrutiny toward Binance's connections with World Liberty Financial, a cryptocurrency company founded by members of the president's family.
Changpeng Zhao's narrative—from selling his home during unemployment to becoming a central figure in global cryptocurrency—stands as a testament to both the transformative potential and complex realities of the digital asset revolution.
