This is surely a tale each of you would love to hear. Stories of people making boatloads of money will never go out of fashion and here’s one that we recently came across. Changpeng Zhao, CEO of Binance, a cryptocurrency exchange company says that he owes his incredible fortune to the fortune he earned in a single night by playing poker. According to Bloomberg, the former Macca’s worker acquired his enormous wealth ‘practically overnight.’ As per the Bloomberg Billionaires Index, his net worth is pegged at US $96 billion or above.
The poker game was hosted in 2013 and Zhao was up against former BTC China CEO Bobby Lee and investor Ron Cao. During this game, Zhao learned about cryptocurrency. The duo also urged him to invest 10% of his net worth in Bitcoin. Zhao was totally convinced by this and ended up going all-in so much so that he even sold his Shanghai home for Bitcoin. He dedicated his entire life to cryptocurrency before founding his exchange company Binance in 2017.
While he did face several setbacks earlier when the price of Bitcoin kept fluctuating. But just 180 days after founding Binance, the firm emerged as the world’s leading crypto exchange brand. As per Binance’s blog, “In just six months after its launch, Binance jumped to No. 1 in the crypto exchange rankings, and it stays in that position up to this day.”
As per these statistics, Zhao’s wealth is on par with that of billionaire Larry Page and Mark Zuckerberg. Zhao, 44, was born in China and launched his company in China before the Chinese government made it go away. Despite the crackdown by US and UK authorities, the company now rakes billions in revenue per year.
Manthra Koliyer is a writer at Gutshot Magazine. She has an affinity for seeing the world through people’s eyes. With a bubbly fun personality, you can always catch her chatting with anyone she comes across. Holding an English Literature degree from Wilson College, Mumbai, and a Post Graduate Diploma in Journalism from Asian College of Journalism, this pop culture fanatic is ready to take on the world with a pen, paper, and microphone. She also actively works on her personal blog called namasteyconvict.blogspot.com, where for a moment she lets you into her drama-filled world.
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