Binance founder Changpeng Zhao says he sold his Shanghai home to buy Bitcoin at $600 while job hunting
Binance founder Changpeng Zhao revealed in a recent podcast that at the beginning of his career in the crypto industry, he sold his apartment to buy Bitcoin when he was unemployed and financially struggling.
The billionaire was speaking to venture capitalist Chamath Palihapitiya on the ‘All Inclusive Podcast’ where influential figures in business, technology and finance shared their stories and big picture views.
Zhao recalled that he made $900,000 by selling his apartment. The amount he received in slices was then used to purchase Bitcoin at an average price of $600 per piece. Now, one Bitcoin is worth about $67,000.
“I told my partners that I was going to quit my job 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 later found a job in the Bitcoin industry. He eventually founded Binance, which was officially launched in 2017. Binance is one of the largest cryptocurrency exchange platforms operating globally.
What convinced Zhao to invest in crypto?
During the interview, Zhao said that he was introduced to Bitcoin in 2013 after a friend encouraged him to invest 10% of his net worth in the cryptocurrency. “He said your chances of going to zero are small, but your chances of doubling your value are much higher,” Zhao added.
Talking about what finally convinced him to invest in Bitcoin, Zhao said that he attended a Bitcoin conference in Las Vegas in December 2013. There were about 200 people at the event, many of whom were already involved in the crypto space, and meeting them in person made him believe in the future of Bitcoin.
Zhao was already working when he attended the event. When the host asked if he was working on any Bitcoin-related projects, Zhao replied, “Yes. When I came back, I told my partners that we should build a Bitcoin payment system.” During this time, he only had one Bitcoin worth about $1,000 and was looking to buy more.
Zhao did months of research before making any investment in the digital asset. He told the host: “Bitcoin went from $70 in mid-2013 to $1,000 by the end of 2013. I felt like I was too late, I wish I could get in early. It doesn’t matter when you invest in Bitcoin, you always feel like you’re late.”
Net worth of Binance founder
According to the Bloomberg Billionaire Index, which tracks the wealth of the world’s richest individuals according to their business assets and market values, Zhao’s net worth is $52.2 billion.
In April 2024, Zhao was sentenced to four months in prison after pleading guilty in a federal court in Seattle to charges of facilitating money laundering on a crypto exchange. The guilty plea was part of a broader agreement with the US government that also included a $4.3 billion deal with Binance.
Zhao’s 2023 plea deal saw him step down as CEO of the company, but he managed to retain a controlling stake in the company, whose value soared immediately after Donald Trump’s presidential victory.
The Binance founder was later pardoned by Trump in October 2025 after being sentenced to prison for failing to prevent money laundering at Binance. But Trump’s pardon highlighted Binance’s ties to World Liberty Financial, a crypto company founded by the president’s family.
