Changpeng "CZ" Zhao, the founder and former CEO of Binance, confirmed that in 2014, he sold his apartment in Shanghai to buy Bitcoin, a move he made while unemployed.
Key Details of the Story:
The Sale & Purchase: Around 2014, CZ sold his apartment for approximately $900,000 and invested the proceeds into Bitcoin (BTC).
Price and Timing: He bought in tranches (installments) as the money came in, with prices dipping from $800 to $600 and down towards $400, resulting in an average entry price of around $600 per coin.
"All-In" Conviction: At the time, he did not have a steady job, having left his previous role to pursue the crypto industry full-time.
Immediate Bear Market: Shortly after his purchase, Bitcoin's price dropped significantly, testing his conviction as his net worth fell, but he continued to hold.
Result: That early investment is considered one of the most successful, high-conviction "All-In" stories in crypto history, laying the foundation for his future, which included founding Binance in 2017.
Reports indicate he purchased approximately 1,500 BTC, which, given the massive rise.
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