Former Binance CEO Changpeng Zhao has clarified that he does not buy any new cryptocurrencies.
Zhao has reiterated that he only holds Bitcoin (BTC) and BNB, the native token of the Binance exchange.
The former Binance CEO mentioned that he purchased the leading cryptocurrency when it was trading at roughly $600.
CZ yet to buy single meme coin
The meme coin culture is facing growing criticism following the $4 billion collapse of the controversial Libra (LIBRA) token that ended up being a shameless rug pull.
CZ also stated that he was not invested in the LIBRA token. In fact, he is yet to buy a single meme coin despite the rapidly growing popularity of the sector.
Yuri MolchanEarlier this month, CZ revealed the name of his dog but stopped short of launching the dog's official meme coin. The ex-Binance boss claimed that he wanted the best community effort to win.
Looking for "long-term impact"
The former Binance CEO has stated that he is not "short-term opportunistic," focusing on the long-term impact instead.
CZ has zero reason to chase short-term gains with dubious meme coins given that he is considered to be the richest cryptocurrency mogul. According to Forbes, Zhao's personal net worth is estimated to be $64.3 billion. This makes Zhao the 25th richest person on the planet.
The charismatic entrepreneur remains the largest shareholder of the Binance exchange. However, he has been prohibited from running the trading giant ever again as part of a plea deal with U.S. authorities.
Last year, Zhao spent several months behind bars in the U.S., becoming the wealthiest prisoner in history.
Following his release from prison, he has been mainly focused on educational efforts.
Dan Burgin
Vladislav Sopov