The net worth of Zhao exceeds that of Mukesh Ambani, the wealthiest Asian billionaire, even without including his holdings of cryptocurrencies. The CEO of Binance recommends trading cryptocurrencies for the long term to generate a profit and reduce stress.
Changpeng Zhao, the CEO of the Binance exchange, is the wealthiest cryptocurrency billionaire in the world. According to Bloomberg, the executive leads the ranking with a net worth of USD 96 billion.
As a teenager, the 44-year-old Chinese-Canadian software developer worked at various service jobs, including one at McDonald’s. However, the cryptocurrency pioneer seemed to become one of the wealthiest people worldwide virtually overnight.
The net worth of Changpeng Zhao exceeded that of Mukesh Ambani, the wealthiest billionaire in Asia. That happened even though Bloomberg excluded his holdings of cryptocurrencies and the internal tokens of the Binance exchange.
Mark Zuckerberg, Larry Page, and Sergey Brin currently occupy 5th, 6th and 7th places of the ranking of billionaires, respectively. Meanwhile, the CEO of Tesla, Elon Musk, leads the list with an estimated USD 263,000 million.
Pakistan Will Investigate Binance for an Alleged USD 100 Million Scam
The Federal Investigation Agency (FIA) of Pakistan reportedly issued a formal notice to cryptocurrency exchange Binance in recent days. They are struggling to identify links with a multi-billion dollar scam involving crypto assets in the region.
The counter-intelligence and security agency wants to talk to Binance as part of an investigation. They believe the exchange has something to do with an alleged scam costing several thousand investors more than USD 100 million.
The cybercrime unit of the FIA sent a notice to Binance Holdings on the Cayman Islands and Binance.US. They also issued an assistance order to Humza Khan, the general manager and growth analyst of Binance Pakistan. They want him to explain his position on the link of fraudulent mobile online investing apps with Binance.
Zhao Recommends Keeping Cryptocurrency Holdings for the Long Term
Although volatility seems to be one of the worst characteristics of cryptocurrencies, many investors consider it can provide opportunities. They have taken advantage of the sudden changes in the price to earn high profits.
However, thousands of users worldwide are pessimistic about the volatility of crypto assets and view it as a nightmare. It causes stress and anxiety among new members fearing that sudden changes in the Bitcoin price are definitive.
Binance CEO Changpeng Zhao believes that people not feeling comfortable should trade cryptocurrencies for the long term. In that way, they would both make a profit and cope with stress and anxiety.
The executive thinks that non-volatile traders should buy and hold for five years or more rather than actively trade. For that reason, he recommends only using the funds that will not be necessary for the years to come. He says that investors may not need more money after that.
Zhao, the richest cryptocurrency billionaire worldwide, gives that advice to the many people abandoning their Bitcoin positions out of fear. He suggests investing in cryptocurrencies in the long term, allowing time to wait for the price to rise.
By Alexander Salazar
