Changpeng Zhao, widely recognized as CZ in the cryptocurrency sphere, has recently unveiled his memoir titled “Freedom of Money.” This 366-page book provides a revealing glimpse into his life and the rapid ascent of Binance, now the largest cryptocurrency exchange globally. While the prose may not captivate with literary flair—English being Zhao’s second language—the insights offered are invaluable for anyone looking to grasp the complex landscape of digital assets.
A crucial aspect of the book is its candid portrayal of Zhao’s journey and confrontations with other prominent figures in the crypto industry, including his infamous rival Sam Bankman-Fried, who is currently incarcerated for fraudulent activities. Readers who engage with “Freedom of Money” will gain a thorough understanding of how a niche speculative investment has evolved into an industry worth approximately $3 trillion, with significant backing from major financial institutions.
Zhao’s entry into crypto was serendipitous. Initially a tech professional in traditional finance, he discovered bitcoin through a casual poker game, a moment that triggered in-depth research and ultimately a leap of faith. He sold his apartment and fully embraced cryptocurrency, betting on its value and the innovative potential of blockchain technology, a decoupled system that allows for seamless transactions. After weathering multiple downturns in the market, his gamble paid off, leading to his billionaire status and the establishment of Binance.
However, Zhao’s success did not come without challenges. The Biden administration’s crackdown on cryptocurrencies placed him in federal custody for four months, resulting in his resignation from Binance, despite remaining its largest shareholder. His prison experience was disheartening, where he had limited time to write—a process he described as a “brain dump” during short computer access intervals. Still, it allowed him to contemplate the evolution of cryptocurrency from a fringe interest to a significant component of many investors’ portfolios.
The evolving perception of cryptocurrency is reflected in endorsements from figures like BlackRock CEO Larry Fink, once a staunch skeptic, who has publicly embraced the industry and praised Zhao’s book. Proceeds from the memoir will be directed toward charitable causes, a testament to Zhao’s financial stability as he is estimated to hold a net worth exceeding $100 billion.
Zhao also recounts the dramatic downfall of FTX and Bankman-Fried, illustrating a scenario where SBF reached out for financial assistance from Binance during FTX’s collapse. When they spoke, Zhao found SBF’s vague and casual approach alarming, stating how the request for “a couple billion dollars” felt more like a casual lunch order than a serious plea. Consequently, after conducting his due diligence, Zhao declined to engage, leading to FTX’s demise and Bankman-Fried’s eventual 25-year prison sentence for defrauding customers.
Despite the chaos surrounding him, Zhao’s influence in the industry remains intact. As cryptocurrencies experience a resurgence, with values trending upwards toward $80,000, he has also received a pardon from former President Trump, although he clarified that he does not have a personal connection with Trump or any involvement in the president’s crypto-related businesses.
Now acting as an adviser to Binance, Zhao expresses no desire to reclaim a daily operational role. Instead, he aims to promote understanding of cryptocurrency and its potential, positioning himself as a thought leader in a rapidly changing financial landscape.
