World Richest Crypto person CZ Networth $96 Billion

[Wiwo]

The world-leading stock market Media outlet Bloomberg has come up with the 2022 world richest person award which is a digital award and the CEO of Binance the world biggest cryptocurrency exchange Changpeng Zao`s popularly known as CZ become the world richest crypto personality with a total net worth of $96 billion this rating came from his 90% holding in the exchange and doesn't include his holdings.
But what baffles me with CZ is the fact that he never feels relaxed rather keep working and improving the exchange and it tech-related projects such as the binance smart chain he responded to the rating with just a sentence which further shows how committed he is to explore the huge profits that are located in Bitcoin and the entire blockchain industry. Beating its counterpart Mark Zuckerberg the CEO of meta.
This came as exciting news to the entire cryptocurrency holders who believe and are developing the idea into so many projects within the blockchain.
Source: https://cointelegraph.com/news/binance-ceo-cz-richest-crypto-billionaire-at-96b-bloomberg

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[bitmover]

The world-leading stock market Media outlet Bloomberg has come up with the 2022 world richest person award which is a digital award and the CEO of Binance the world biggest cryptocurrency exchange Changpeng Zao`s popularly known as CZ become the world richest crypto personality with a total net worth of $96 billion this rating came from his
...
 Beating its counterpart Mark Zuckerberg the CEO of meta.

This is not true. Mark Zuckerberg has more money. He has about 121 billion.

https://www.investopedia.com/articles/investing/012715/5-richest-people-world.asp

Mark Zuckerberg
Age: 37
Residence: California
Co-founder, CEO, and Chair: Meta (FB)
Net Worth: $121 billion
Facebook Ownership Stake: 13% ($118 billion)
Other Assets: $3.4 billion in cash70

Maybe CZ has a lot more crypto that no one knows, as it is easy to hide cryptocurrency. But certainly the volatility (up and down) of CZ portfolio is higher than zuckberg and others. He probably lost many billions in the last days...

You can see the list of top10 billionaires in the same link you shared. CZ is not there.

[Pmalek]

Maybe CZ has a lot more crypto that no one knows, as it is easy to hide cryptocurrency. But certainly the volatility (up and down) of CZ portfolio is higher than zuckberg and others. He probably lost many billions in the last days...

According to a different article published by Fortune.com that was shared on the forum, CZs crypto holdings weren't counted in that $96 billion estimate that Fortune.com made. He surely has much more if his share of Binance's crypto stash was included. Since the number is identical in both sources ($96 billion), his crypto assets weren't considered in Bloomberg's article either.   

Blomberg said the figure was based on Binance’s speculative sales last year and Changpeng Zhao’s stake (90%). Binance’s sales were reported to be at least $20 billion last year...

The $96 billion does not include Changpeng Zhao's holdings of virtual currencies such as Bitcoin and Binance Coin. This suggests that his actual wealth may be much greater. The value of Binance Coin, which is issued by Binance itself, has risen by 1,300% in the last year alone.

[SFR10]

But what baffles me with CZ is the fact that he never feels relaxed rather keep working and improving the exchange and it tech-related projects

Not to take anything away anything from CZ, but there are a lot of people in the background that work for him and make sure everything goes smoothly + on another article, he mentioned being "financially free and plans to give away around 90% of his wealth".

he responded to the rating with just a sentence which further shows how committed he is to explore the huge profits that are located in Bitcoin and the entire blockchain industry.

If you're referring to "this tweet", I believe he cares more about helping people, as opposed to the profits!
^{Update: This is just how I interpreted that tweet, nothing more!}

[Pmalek]

If you're referring to "this tweet", I believe he cares more about helping people, as opposed to the profits!

I would believe that if I didn't know that his exchange pockets 0.0005 BTC (over $20) for every BTC withdrawal that you make. Or 0.005 ETH (over $15) for ETH withdrawals. To some extent I can understand the Ethereum fees considering everything that is going on with the congestion on the network, but I don't understand the BTC fees when the Bitcoin network has been quite the opposite of Ethereum for a long time already. You would literally be overpaying if you spent $0.50 on a 1 input, 1 output BTC transaction right now, and to withdraw from Binance you need $20 in BTC.   

[mk4]

I would believe that if I didn't know that his exchange pockets 0.0005 BTC (over $20) for every BTC withdrawal that you make. Or 0.005 ETH (over $15) for ETH withdrawals. To some extent I can understand the Ethereum fees considering everything that is going on with the congestion on the network, but I don't understand the BTC fees when the Bitcoin network has been quite the opposite of Ethereum for a long time already. You would literally be overpaying if you spent $0.50 on a 1 input, 1 output BTC transaction right now, and to withdraw from Binance you need $20 in BTC.   

I'm just guessing here, but I wouldn't be surprised if it was due to UX reasons. People could get used to the overpaying of bitcoin fees, but they'd probably be overloaded with customer complaints if it was the case that the fees skyrocket and user withdrawals gets stuck in limbo.

[DaveF]

They keep forgetting the *
Which is * = That we know of.
That really is the joy of BTC and crypto in general. I can be sitting on 200000 a million ETH a couple of billion doge and few million of something else and so on. And nobody would know about it.
I don't have that much, proof of which is, that if I did I sure as heck would not be sitting here talking to you people, I would be on a tropical island having a rum drink out of a coconut.

-Dave

[dothebeats]

It would be interesting to know how much he really has when his crypto holdings are factored in to his wealth, but I guess that information wouldn't really surface as CZ would certainly see to it that no one will question his crypto wealth, or he doesn't want the government snooping on to his wealth.

Anyways, it's certainly amazing how someone can amass billions just because they are engaged in cryptocurrencies. Goes to show how crypto can give huge opportunities to people and help them achieve financial independence.

[o_e_l_e_o]

-snip-

I'm just guessing here, but I wouldn't be surprised if it was due to UX reasons.

It's due to profit reasons.

If the developers of wallets like Electrum, who are not paid for their work and do it solely in their own time, can implement dynamic fee suggestions, then there is absolutely no reason that Binance cannot do the same. It is trivial to set up a system which looks at the current mempool and charges an appropriate wallet fee. Since they batch all their withdrawals, each output from a withdrawal transaction only has to pay for around 45 vbytes of the transaction size. They could broadcast all their withdrawal transactions at 200 sats/vbyte and still only need to charge 9000 sats per withdrawal. They could still pick a fee which would guarantee entry in to the next block in all but the most extreme of cases, and charge <1000 sats per withdrawal ~99% of the time. The fact that they charge 57,000 sats per withdrawal, with >95% of it going straight in to Binance's pocket, is absolutely criminal. I cannot fathom why people put up with being so blatantly ripped off.

And then of course comes their fake bitcoin tokens on their centralized scamchains. Advertise those as being much cheaper to withdraw and newbies end up choosing them without realizing they are selling their bitcoin and receiving a scam token in return. (Also ridiculous that there is any fee at all to withdraw these, since Binance own and operate the centralized chains they are based on, and so withdrawals cost them nothing.)

[bitmover]

The fact that they charge 57,000 sats per withdrawal, with >95% of it going straight in to Binance's pocket, is absolutely criminal. I cannot fathom why people put up with being so blatantly ripped off.

I think it is not criminal. They charge for the service. They are reliable exchange.. their site is always online, good volume, they are safe to use, etc. Binance just dominated Brazil exchange market, and is by far the best exchange in the country.

Binance fees are way lower than any other exchange in Brazil.

The only exchange that has lower fees in FTX (which just arrived in brazil a few months ago). All withdrawals in FTX are free (except for ETH), and they also pay for mining fees. I don't think that will last long...


Lets take a look at this 0,0005 BTC fee:

Let's suppose you want to convert 100,000 USD to Bitcoin.

If you use binance, you will pay

• Trading fee => 0.0750% of trading fee = 75 USD.
• Withdrawal fee => 0.0005 BTC => 20 USD.

Total 95 USD, for trading 100,000 USD which is less than 0,1%.


If we go to lower values, such as 5000 USD:

• Trading Fee = 3.75 USD
• Withdrawal fee => 0.0005 BTC => 20 USD.

Total 24USD, which is about 4.8%, quite high.

So, for low values, the withdrawal fee is a problem and everyone should de using p2p. But for high values, where you really need more security, binance (or other big exchange) is a good option.

[buwaytress]

I remember when BNB was given away free. I had something like 3-digit BNBs just for the nonsense I did on Binance. Of course, chucked it all at fees so have nothing left. I don't even know how much the CEO has, but that's literally magic internet money made from nothing and today worth over $400.

Not to mention all that BUSD and wrapped BTC and ETH and what not on BSC.

Not surprised. Least the guy likes Bitcoin... right?

They keep forgetting the *
Which is * = That we know of.
That really is the joy of BTC and crypto in general. I can be sitting on 200000 a million ETH a couple of billion doge and few million of something else and so on. And nobody would know about it.
I don't have that much, proof of which is, that if I did I sure as heck would not be sitting here talking to you people, I would be on a tropical island having a rum drink out of a coconut.

-Dave

I have asked myself (and earlier today commented on something somewhat related) and come to the conclusion that if I really made it like that, I'd actually be coming here to full on troll. Probably not every day but certainly I'll be using notification bot to follow some of my favourites.

No promises, but judging from my past 25 years of life (when I started managing my own finances), my income and wealth seem to not have at all altered my online lifestyle.

[SFR10]

I would believe that if I didn't know that his exchange pockets 0.0005 BTC (over $20) for every BTC withdrawal that you make.

You're absolutely right... I was merely interpreting the tweet in question ^{[I should've added a note to my previous post (sorry, my bad)]}.
^{- It's worth noting that they charge "as high as $90" for withdrawing a certain cryptocurrency [it's ridiculous]!}

Goes to show how crypto can give huge opportunities to people and help them achieve financial independence.

You're right, but unfortunately, most newcomers expect to achieve a similar result overnight ^{[it's not going to happen for them with little to no effort]}.

[Woodie]

CZ is sure among the top 5 crypto billionaires and if markets fully recover he would even be worth much more...

Not to take anything away anything from CZ, but there are a lot of people in the background that work for him and make sure everything goes smoothly + on another article, he mentioned being "financially free and plans to give away around 90% of his wealth".

I wounder how he would do this, An airdrop to the world ummh an expected and 90% sounds to good to be true, but if this were to happen this would go down in the crypto history books for his selfless act in trying to get cryptocurrencies known to the world

[suzanne5223]

The world-leading stock market Media outlet Bloomberg has come up with the 2022 world richest person award which is a digital award and the CEO of Binance the world biggest cryptocurrency exchange Changpeng Zao`s popularly known as CZ become the world richest crypto personality with a total net worth of $96 billion this rating came from his
...
 Beating its counterpart Mark Zuckerberg the CEO of meta.

This is not true. Mark Zuckerberg has more money. He has about 121 billion.

Mark Zuckerberg is wealthy than CZ but the award was given to CZ because most people in the cryptocurrency sphere still haven't seen both Zuckerberg and Elon Musk as crypto personalities because they are to be after what will profit them than helping the system.
From the record, Binance starts its journey from this forum when they start a bounty campaign of their initial offering. So, the award is still fair.

[Wiwo]

The world-leading stock market Media outlet Bloomberg has come up with the 2022 world richest person award which is a digital award and the CEO of Binance the world biggest cryptocurrency exchange Changpeng Zao`s popularly known as CZ become the world richest crypto personality with a total net worth of $96 billion this rating came from his
...
 Beating its counterpart Mark Zuckerberg the CEO of meta.

This is not true. Mark Zuckerberg has more money. He has about 121 billion.

Mark Zuckerberg is wealthy than CZ but the award was given to CZ because most people in the cryptocurrency sphere still haven't seen both Zuckerberg and Elon Musk as crypto personalities because they are to be after what will profit them than helping the system.
From the record, Binance starts its journey from this forum when they start a bounty campaign of their initial offering. So, the award is still fair.

CZ And the binance exchange have been in the industry longer than Mark Zuckerberg and the rest of the other tech Giants and CZ concentrated on cryptocurrency and have it large holding in Bitcoin before building their binance chain. And the rating was based on cryptocurrency holding and not other investments. Mark Zuckerberg just pick interest in cryptocurrency recently with the coming of met averse projects as the major project.

[Husires]

Influencing the wealth of CZ will be easy, several regulatory decisions or a drop in the price of Bitcoin, and his fortune will be less than half.
This year will not be perfect.

 - A real correction may occur in the price of most cryptocurrencies.
 - Binance won't continue to be number one for very long.
 - Any hack or a technical problem or regulatory laws will affect it severely.

Mark Zuckerberg's fortune isn't as central as CZ.

Justin Sun's star has been around for a while, a few years ago it was Roger Ver. Who will be next in the future?

[oudomopo]

This billionaire became the richest crypto person. This guy is the CEO of Binance and surpassed Satoshi's net worth. Satoshi is the master of Bitcoin and Zhao is the master of Binance. With this, Binance might have a chance to surpass bitcoin in the future.

[Pmalek]

And then of course comes their fake bitcoin tokens on their centralized scamchains. Advertise those as being much cheaper to withdraw and newbies end up choosing them without realizing they are selling their bitcoin and receiving a scam token in return.

They are doing everything they can to put their own chains in the forefront. Take a look at their page that indicates the withdrawal fees. Type in Bitcoin and check the way they listed the networks. Their Binance Chain is on top followed by Binance Smart Chain. Bitcoin is found underneath.

Same thing with Ethereum.
Arbitrum One, BEP2, and BEP20 on the top. Ethereum as an ERC20 token is at the bottom.
I haven't used Binance for a long time, but my guess is they use the same methods when you are logged in and trying to withdraw. If you want Bitcoin, you will probably have to find it on the list because the default option is surely one of their networks.

You're absolutely right... I was merely interpreting the tweet in question ^{[I should've added a note to my previous post (sorry, my bad)]}.

BTW, that wasn't a critique of your post that I wrote above. It was a criticism of CZ and his goal of "helping" people.

^{- It's worth noting that they charge "as high as $90" for withdrawing a certain cryptocurrency [it's ridiculous]!}

That's unbelievable. It's currently over $120 to withdraw that particular DYDX token.

[suzanne5223]

CZ And the binance exchange have been in the industry longer than Mark Zuckerberg and the rest of the other tech Giants and CZ concentrated on cryptocurrency and have it large holding in Bitcoin before building their binance chain. And the rating was based on cryptocurrency holding and not other investments. Mark Zuckerberg just pick interest in cryptocurrency recently with the coming of met averse projects as the major project.

These are the reason why I believe the award giving to CZ is fair. This reminds me of when he makes a statement that " he won't let Bitcoin crash to zero". I believe this claim is enough to show his enthusiasm towards Bitcoin and his concept in upgrading Binance operation is what generates innovative concepts in crypto exchange this day.

[lumbanrang]

This is not surprising, because as we all know Binance and BNB are popular exchanges and cryptocurrencies in the crypto market. So that is reasonable in my opinion.