After receiving a pardon from U.S. President Trump and experiencing a dramatic turn in personal fate, Binance founder Zhao Changpeng (CZ) recently publicly accepted an in-depth group interview for the first time. He not only shared his grand prediction for a cryptocurrency industry that could reach a scale of $40 trillion but also rare insight into his tumultuous journey and unique life philosophy. This interview outlines a complex picture interwoven with industry evolution, company strategy, and personal beliefs.
1. Industry Future Blueprint: From Payment Breakthrough to Trillion-Dollar Market
CZ believes that for cryptocurrency to truly enter the daily lives of the public, breakthroughs in the payment sector are key. He recalled that the original design of the Bitcoin white paper was as a 'peer-to-peer electronic cash payment system,' but to this day, speculative financial products dominate the blockchain, and truly usable payment methods have yet to become widespread.
● Core challenges and paths: Price volatility is a major obstacle, and stablecoins are a theoretical solution. CZ sees the realistic path as integrating with traditional payment networks like Visa and Mastercard, such as the 'Binance Card' model—users spend crypto assets while merchants receive fiat currency. He admits that such businesses have previously faced setbacks due to regulatory policies but hopes they will become popular again in the coming years.
● Premise of mainstream adoption: CZ emphasizes that mainstream adoption will be a slow process. A clear regulatory framework is the primary prerequisite, and currently, there are very few countries with forward-looking regulations. He also points out that deep integration of the crypto industry with the existing financial system, rather than separation, is the best way to achieve large-scale adoption.
● Amazing market forecast: Based on the premise of the above applications being realized, CZ made a bold prediction about the industry's scale. He pointed out that the current total market value of cryptocurrencies globally is only about $3-4 trillion, while in the future, it will reach at least $30-40 trillion. He believes that only when large-scale applications like payments are truly realized and more financial scenarios migrate on-chain can the industry be considered 'just beginning.'
2. The trial and error path of individuals and companies: From decentralized ideals to regulatory realities
Looking back at Binance's entrepreneurial journey, CZ describes it as a path full of trial and error and adjustments. This 'trial and error' is not only reflected in business strategies but also profoundly mirrors the collision between ideals and reality in the crypto industry.
● Deviation between vision and reality: When founding Binance, CZ's goal was to enter the global top ten within three years, but it became the world's number one just five months later, far exceeding expectations. However, in terms of the company's organizational form, they experienced repeated realizations: initially planning to establish a physical headquarters, then shifting to complete decentralization (no headquarters), and finally adjusting again due to regulatory requirements, confirming the reality that centralized exchanges need to 'have licenses, be regulated, and have clear headquarters.'
● Portrait of a new generation of entrepreneurs: Looking ahead to future cycles, CZ believes that product-driven founders will stand out. They focus on building products that can be used daily, paying attention to users rather than market speculation. Additionally, due to the industry's volatility and the periodic changes in the regulatory environment, only those entrepreneurs who are not afraid of fluctuations and can persist long-term will ultimately survive.
● Views on the DAT model: Regarding the Digital Asset Trust (DAT) model led by MicroStrategy for publicly traded companies holding digital assets, CZ believes its underlying logic is valid and provides an effective structure for traditional companies to gain exposure to crypto assets; this model will continue. However, he warns that the lower the management fees and the simpler the structure of the DAT model, the better; if it involves actively investing in a basket of assets, it has become another type of highly management-dependent professional business.
3. Strategic focus adjustment: The U.S. as an 'emerging market' and philanthropic investment
Receiving a pardon from Trump marked a watershed moment in CZ's life and directly changed Binance's strategic posture in the U.S. Meanwhile, his personal business focus has also shifted significantly.
● The United States: From retreat to re-entry as an 'emerging market': CZ bluntly stated that during the Biden administration, Binance's relationship with the U.S. was tense, and business significantly contracted. For example, its market share plummeted from 35% in 2023 to single digits. After the pardon, the situation was 'reopened,' and he sees the U.S. as an 'emerging market' that needs to be redeveloped. He expressed a strong desire to help the U.S. become the 'global cryptocurrency center,' planning to bring quality crypto businesses back to the U.S. and assist local institutional investors in accessing the BNB ecosystem. However, he clarified that there are currently no business collaborations with the Trump family.
● Full commitment to educational philanthropy: Giggle Academy: CZ is currently investing a lot of energy into the completely non-profit free education platform 'Giggle Academy'. The project has approximately 88,000 child users, with thousands added each week, providing about 300 courses and thousands of storybooks translated by AI. The initial operating funds for the project came from CZ personally, and later the community donated about $11 million through a related meme coin.
● Calmness in leadership changes: When discussing stepping down as CEO of Binance, CZ revealed that on the night he announced his decision, he cried while writing a farewell letter at four in the morning. But now he believes that life moves forward, and the company operates well under the new leadership (however it may be), with frequent and healthy leadership rotations being a good thing for the company's long-term development.
4. Insights on life philosophy: Finding joy and peace in uncertainty
After extreme ups and downs involving huge fines, imprisonment, and presidential pardons, CZ has developed a unique life philosophy and candidly shares it in the interview.
● Embracing uncertainty: When asked, 'If you could make five wishes to God before you die, what would they be?' CZ's answer was unexpected. He believes five wishes are too many, one is enough. He admits he has few extravagant desires because the excitement of life comes precisely from its unpredictability. He uses a game analogy: 'If you knew you'd win from the start, it wouldn't be fun. A game that requires struggle, carefulness, and effort to win is interesting.'
● The only wish: The only wish he ultimately shared is: 'I hope everyone has health, and I also hope God doesn't put me in too many unfortunate situations.' In his view, health is the most important but also not entirely controllable, and he currently feels very lucky and satisfied.
● Psychological shield against attacks: As a figure often in the spotlight of public opinion, CZ maintains his mental health in a simple and firm manner. He categorizes online attacks into two types: first, the mainstream media's anti-crypto narrative stemming from fear of new technologies; second, investors who complain about the platform after incurring losses in trading. He sympathizes with the latter but believes everyone must take responsibility for their own investments. His core belief that allows him to sleep soundly each night is: 'I am clear that no one has been defrauded because of my actions, and no user has lost assets because of us; I know I am helping many people.'
5. The global significance of crypto and a new chapter in personal careers
CZ's vision is not limited to the industry and himself; he also elaborated on the unique value of cryptocurrencies for developing countries and outlined his personal plans in investment and philanthropy.
● Empowering developing countries: CZ believes that crypto presents more opportunities in developing countries, addressing real pain points:
○ Enhancing financial efficiency: He gave an example of someone who used to spend three days walking to town each month to pay bills, and after using cryptocurrency, it only takes three minutes.
○ Countering inflation: In many countries where fiat currencies are unstable, Bitcoin and stablecoins can serve as effective hedging tools.
○ Seizing the demographic dividend: Countries with a high proportion of young populations (such as Pakistan with an average age of 25) have a high acceptance of new technologies, making the demand for crypto naturally strong.
● Wealth perspective and philanthropic direction: CZ views money as a tool rather than a means to hoard. Currently, the social issue he is most concerned about is education, and he mainly invests in Giggle Academy. He is also exploring other areas, such as projects to restore soil microorganisms, which combine environmental benefits with sustainable business models. His ideal philanthropy would be entirely executed through blockchain, achieving complete transparency and traceability of fund flows.
● Daily habits and paths to success: CZ shared two daily habits that he believes are crucial:
○ Daily learning: Schools do not teach essential social skills such as entrepreneurship, emotional intelligence, and financial literacy; one must self-learn and maintain an open mindset to seize new opportunities.
○ Balancing effort and health: Entrepreneurship is physically demanding, requiring the ability to work intensively while maintaining health.
At the end of the interview, CZ painted a picture of his ultimate future vision: a world where people no longer talk about 'blockchain' or 'Web3,' just as today we don't mention the 'TCP/IP' protocol. The underlying technology is completely hidden behind the scenes, and people naturally use products for payments or transactions. This blueprint reflects his judgment on the industry's endgame and seems to symbolize his wish for his personal legendary story to eventually settle behind products and services.
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