Bitcoin in its nascent years was surrounded with deceptions and suspicion, two key elements that made investors reluctant towards the tech. Only a handful of visionaries supported the idea of blockchain-based assets, a financial tool of the future that could help deliver seamless connectivity across the board. Changpeng Zhao was one of those people who had faith in Bitcoin’s long-term vision and had hoarded the asset at a time when BTC had just begun to build its reputation in the current financial order. In other words, what did Binance’s CZ see in Bitcoin that others failed to acknowledge and connect with?
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BTC and Changpeng Zhao: A Loyal Connection
Recently, Binance’s Changpeng Zhao was seen being interviewed in a session recorded by Threadguy on YouTube. The session involved the former Binance CEO speaking about how he got into the world of Bitcoin. CZ was quite clear in explaining his intent behind backing Bitcoin in its early days, sharing how he had an undying faith in the Bitcoin tech and its power to revolutionize finance later ahead. CZ further shared that after reading more on Bitcoin in 2013, he recognized the asset as one of the most opportunistic developments of his time and banked on the possibility by treating it as a life decision.
“I first came across Bitcoin in July 2013-ish. And then it was by December that year; I said, “Okay, look, this is the future.” Now I understand it. This is the future. So it takes quite a bit to get that conviction. For me, it was like, this is the future. So for me, it’s a life decision. It’s not like, oh, I’m just going to buy this and I’m going to make money for the next day or next week or next three months, and then I’m going to come back. I was too young when the internet thing was happening.”
The Real Intent Behind Backing Bitcoin
Changpeng Zhao was later asked about the kind of mental framework that made him trust Bitcoin that much. To this, Zhao shared that once he understood how bitcoin works, there were no other suspicions that made him oppose BTC in any way. He shared how he was positive about Bitcoin being one of the core future techs.
“So once you have that kind of view, this is not like, you know, I’m going to make quick money for three months and come back, and I think, right, so I’m just into this industry, and this is the future. And it was very clear to me once I understood the technology; there wasn’t any doubt anymore. It wasn’t like, oh, I’m not sure who said this and that; that would change my mind. Like, this is the future, period. Industry is the future. I just have to find the right thing. And Bitcoin is the future, right? So Bitcoin is a flagship. Nothing challenges it at the time, especially, and even today, I don’t think anything comes close to challenging it. So for me, that conviction is always there.”
Speaking more in depth, CZ further stated how he had also experienced stark BTC times when bearish price momentum engulfed the markets. Zhao was quick to add how his steadfastness in holding Bitcoin was the ultimate thing that led him to enjoy the fruit of his success.
“So even though I risk everything financially, my fallback is pretty solid. So for me, and then when Bitcoin dipped after I bought for like two years, that was a bit painful, but I’m like, either I’m really wrong or everybody hasn’t realized this yet. But I just said, look, I couldn’t sell. If I sell, what else? What else am I going to do? So I’m stuck for like basically 18 months or so. And then Bitcoin started going back up again. Once you go through the first cycle, the future cycles are easy. The future cycle is like, oh, look, I bought it. I went through a $200 bear market. Then the next bear market was like, no, $3,000.”
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