In the volatile world of cryptocurrency, few stories capture the spirit of high-conviction investing as powerfully as that of Changpeng Zhao, better known as CZ, the founder of Binance. Before building the world’s largest crypto exchange, CZ made a life-altering decision: he sold his apartment in Shanghai for approximately $900,000 and poured the entire proceeds into Bitcoin.
This bold move occurred around 2013–2014, years before Binance’s launch in 2017. At the time, CZ acquired roughly 1,500 BTC at an average price of about $600 per coin. He bought in installments during dips, paying prices as low as $400 and up to $800. What started as a nearly million-dollar real estate sale transformed into a massive position in the nascent digital asset.
The numbers tell a remarkable story. That $900,000 investment in Bitcoin, at an average entry near $600, positioned CZ to benefit enormously from Bitcoin’s long-term growth. At various peaks referenced in later discussions—such as when Bitcoin traded above $80,000—the holding would have been valued at over $120 million. Even today, the multiplier effect remains staggering, though exact valuations fluctuate with market prices.
CZ’s decision was not driven by short-term hype or speculation. He first encountered Bitcoin in 2013 while working in fintech, with prior experience at Bloomberg and running his own tech company in Shanghai. After reading the Bitcoin whitepaper, exploring forums like Bitcointalk.org, attending conferences, and making his first wallet transaction, he became convinced that Bitcoin represented something far bigger than the internet itself—a decentralized, peer-to-peer form of money free from traditional banking systems.
While others like Bobby Lee advised allocating perhaps 10% of net worth to Bitcoin, CZ went all-in. He quit his stable job to work full-time in crypto, embracing the uncertainty. This was a genuine conviction bet on the future of decentralized finance and technology.
The path was far from smooth. Shortly after his purchases, Bitcoin entered a brutal bear market, crashing to around $200 in 2014–2015. Family members, including his mother, questioned the wisdom of the move. CZ held through the skepticism and volatility, demonstrating the resilience required of early crypto believers.
This apartment-to-Bitcoin gamble ultimately provided CZ not just with substantial capital but also with deep industry knowledge and credibility. When he founded Binance in 2017, his early experience and skin in the game helped propel the exchange to explosive growth, cementing its position as the global leader by trading volume.
CZ has recounted the story in various interviews, including a widely circulated conversation with Patrick Bet-David on Valuetainment. The tale has since become legendary in crypto circles—a textbook example of vision, risk-taking, and long-term thinking in an industry defined by dramatic ups and downs.
In an era where many chase quick gains, CZ’s journey stands out as a reminder of what deep belief in transformative technology can achieve. By betting his apartment on Bitcoin, he didn’t just change his own financial future—he helped shape the entire cryptocurrency landscape.
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