Binance founder Changpeng Zhao says he sold his Shanghai home to buy Bitcoin at $600 while job hunting

Binance’s founder Changpeng Zhao revealed in a recent podcast that he sold his apartment to buy Bitcoin at the beginning of his career in the crypto industry, at a time when he was unemployed and struggling financially.

The billionaire was speaking on the 'All-In Podcast' with venture capitalist Chamath Palihapitiya, where influential figures in business, tech, and finance share stories and big-picture views.

Zhao recalled that he received $900,000 from selling his apartment. The amount, which he received in tranches, was then used to purchase Bitcoin at an average price of around $600 a piece. Now, one Bitcoin is worth around $67,000.

"I told my partners that I am going to quit and work in the Bitcoin industry…I also needed to buy more Bitcoin, and I didn’t have any money, so I sold my apartment in Shanghai to buy Bitcoin," he said.

Zhao later found a job in the Bitcoin industry. Eventually, he founded Binance, which was officially launched in 2017. Binance is one the largest cryptocurrency exchange platform, which operates globally.

What convinced Zhao to invest in crypto?

During the interview, Zhao said that back in 2013, he was introduced to Bitcoin by one of his friends, who encouraged him to invest 10% of his net worth into the cryptocurrency. "He said there is a small chance you will go to zero, but a much higher chance you will double your worth," Zhao added.

Talking about what finally convinced him to invest in Bitcoin, Zhao said he attended a Bitcoin conference in Las Vegas in December 2013. The event had around 200 people, most of whom were already involved in the crypto space, and meeting them in person made him believe in Bitcoin's future.

At the time when Zhao attended the event, he was already employed. When the host asked if he was working on any Bitcoin-related projects on the side, Zhao responded, “Yes. When I got back, I told my partners, we should make a Bitcoin payment system.” During this time, he owned just one bitcoin worth about $1,000, and was keen to buy more.

Zhao did months of study before he made any investments into the digital asset. "Bitcoin then went from $70 in mid-2013 to $1,000 by the end of 2013. I felt that I am too late, I wished that I got in early. In case of Bitcoin, it doesn’t matter when you invest, you always feel you are late," he told the show host.

Binance founder's net worth

Zhao has a net worth of $52.2 billion, according to Bloomberg Billionaire Index, which tracks the wealth of the world’s richest individuals based on their business holdings and market valuations.

In April 2024, Zhao was sentenced to four months in prison after pleading guilty to charges of enabling money laundering at his crypto exchange at a federal court in Seattle. The guilty plea was part of a broader deal struck with the US government, which included a $4.3 billion settlement with Binance.

Zhao’s plea deal in 2023 prompted him to step down from the company's CEO role, though he was able to hold on to his controlling stake in the company, which had a massive surge in value immediately after Donald Trump’s presidential victory.

The Binance founder was later pardoned by Trump in October 2025 after serving jail time for failing to prevent money laundering on Binance. Trump’s pardon, however, drew attention to Binance’s ties to World Liberty Financial, a crypto company founded by the president’s family.