binance Founder and CEO Changpeng Zhao revealed in an interview with the YouTuber Nuseir Yassin that he gave up his job and his apartment to bet on it Bitcoin BTC/USD.
What happened: Zhao told Nas Daily Channel’s Yassin that his mother called him stupid for pursuing cryptocurrencies and instead wanted him to have a stable career.
“My friends thought I was crazy because I sold my apartment in Shanghai to go into crypto and quit my job. So I was unemployed [and] homeless. By most people’s definitions, that’s crazy.”
His friend’s guess proved correct as Zhao lost $700,000 when Bitcoin crashed two months after he went all-in.
Zhao’s mother called him a “silly kid” and lamented why he couldn’t get a nice job in a company.
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Why it matters: However, Zhao was determined to succeed in cryptocurrency. He said he worked seven days a week from 9 a.m. to midnight for five years and founded Binance.
According to data from CoinMarketCap, Binance is the largest cryptocurrency exchange by volume today.
Zhao revealed that he was shocked that Binance grew so big. He said his goal for Binance is to be among the top 10 exchanges in the world in three years, but “we did it in six months.”
On Thursday, Binance said it had pledged $500 million to invest in Twitter on the side Tesla Inc TSLA CEO Elon Musk.
“We are excited to help Elon realize a new vision for Twitter,” said Zhao.
Continue reading: Elon Musk Raises Over $7 Billion in Twitter Deal Funding
Photo Courtesy: Binance
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