Binance Founder Zhao Criticizes Meme Coins, Emphasizes Long-Term Investment
1min read Changpeng Zhao, the former CEO of Binance, made a rare public appearance in Hong Kong on Sunday. Zhao, who founded the world’s largest cryptocurrency exchange, revealed that he rarely trades cryptocurrency despite his prominent role in the industry. This admission came during the BNB Super Meetup, where Zhao also criticized the industry's excessive focus on meme coins and quick gains.
Zhao's presence at the event was notable as he had previously denied reports that he would attend another crypto event in Hong Kong on April 8. His appearance at both the BNB Super Meetup and the MVB 9th event generated significant attention within the crypto community. During the BNB Super Meetup, Zhao emphasized the importance of a disciplined approach to investing, particularly for newcomers. He recommended that young investors allocate a small, affordable amount each month, endorsing the strategy of dollar-cost averaging. Zhao also highlighted that Bitcoin remains the most stable investment, while suggesting that several dozen to over a hundred cryptocurrencies could potentially outperform Bitcoin in the long term.
In a surprising admission, Zhao revealed that he does not speculate much and has not bought any meme coins. He acknowledged past mistakes in Binance’s approach to decentralized finance (DeFi), admitting that the company did not focus enough on the BNB ecosystem while dealing with legal issues in the United States. When asked about the future value of BNB, Zhao avoided specific predictions but emphasized that expanding use cases would naturally increase its value.
Ask Aime: "Will Binance's expansion plans boost BNB value?"
Zhao also discussed his digital education project, aimed at providing free content to children worldwide. He explained that with about $300 million, the project could digitize 18 years of education across 30 subjects. Before the Super Meetup, Zhao appeared alongside Ethereum co-founder Vitalik Buterin at BNB Chain’s MVB 9th event, where 16 projects were selected for an acceleration program. Zhao shared that he typically works from bed due to back problems and enjoys kitesurfing in his free time. He completed a four-month prison sentence in September 2024 after pleading guilty to U.S. federal charges related to money laundering. Binance paid $4.3 billion in fines, while Zhao personally paid $50 million.
Zhao's appearance in Hong Kong underscores his continued influence in the crypto industry despite stepping down from his role at Binance. His insights into the industry's health and his personal investment strategies provide valuable perspectives for both seasoned investors and newcomers. Zhao's emphasis on long-term investment and the importance of expanding use cases for cryptocurrencies like BNB highlights his strategic vision for the future of the industry.
