Binance founder Changpeng Zhao stated in Hong Kong that most of his personal assets remain in cryptocurrency, opting for long-term holding over short-term trading, stocks, real estate, and large cash allocations.

CZ was born in a rural area of Jiangsu, immigrated to Canada at the age of 12, worked at McDonald's and a gas station in Vancouver, later studied computer science at McGill University, and worked in fintech in Tokyo and New York. He claims that by the age of 25, he was managing a team of about 60 people at Bloomberg with an annual salary of approximately $390,000; this background and salary figure are based on his own recollection and have not been independently confirmed by Bloomberg.

In 2005, CZ moved to Shanghai to start a fintech company, leaving after about 8 years with his shares becoming worthless. After encountering Bitcoin in 2013, he sold his property in Shanghai and invested in Bitcoin, subsequently experiencing a price drop of about two-thirds and a year and a half of sideways movement; in 2017, he founded Binance, raising $15 million through an ICO, with the platform's token dropping about 40% on its first day, but the exchange reached the top of global trading volume about 5 months later. Public information shows that Binance's rapid expansion in its early days was closely related to token financing, low trading fees, global user acquisition, and market upcycles.

CZ summarizes his personal finance strategy as the "Four Nos": no stocks, no real estate speculation, no short-term trading of cryptocurrencies, and no excessive cash holdings. The term "no short-term trading of cryptocurrencies" refers to not engaging in short-term trades, rather than not holding crypto assets; he claims he usually only sells a small amount of assets when needed for consumption. His judgment on real estate is that buying, selling, transferring, and managing takes time, and regarding stocks, he believes that once personal asset size is large enough, small allocations do not significantly change overall results; his view that "cash continues to depreciate" reflects his personal asset preference, not a universal conclusion applicable to all investors.

His decision-making framework is categorized by reversibility: decisions that have a significant and irreversible impact should be slowed down, while decisions that are limited in impact and can be corrected can be executed quickly and adjusted based on feedback. He also emphasized during his activities in Hong Kong that the most critical factors in the early stages of entrepreneurship are the product and users, stating that success in life is "80% about participation"; this framework aligns with his long-term strategy of focusing funds and energy on high-growth technology sectors.

CZ currently invests in early-stage projects primarily through YZiLabs and stated that he will continue to inject capital during market lows. He mentioned that in the past six months, YZiLabs has invested in nearly 200 projects, with about 80% focused on Web3 and 20% on AI, expecting good returns in the next one to two years; publicly available English information confirms that YZiLabs recently launched the EASY S4 batch covering on-chain infrastructure, DeFi, consumer applications, and development tools, but has not independently disclosed or audited a complete project list of "nearly 200 investments" and their industry proportions.

In terms of market mechanisms, CZ's asset allocation highly binds personal wealth, investment portfolios, and cryptocurrency prices: long-term holders gain maximum elasticity during upcycles but also bear liquidity tightening, regulatory shocks, and high volatility drawdowns. YZiLabs continues to invest in early Web3 and AI projects in a sluggish market, providing funded projects with capital, trading platform ecosystems, liquidity relationships, and industry distribution resources; when funds prioritize infrastructure, stablecoins, tokenization, on-chain trading, AI agents, and development tools, early valuations and token expectations may benefit first, while projects lacking product revenue and relying on short-term token liquidity still face high failure rates and financing dilution pressures.

Source: Public Information