Zhao Changpeng, known as CZ, has recently released a book titled *Freedom of Money*, detailing his personal journey and the evolution of his career in the cryptocurrency sector. This memoir is essential for anyone looking to grasp the intricacies of digital asset dealings.
What really stands out in this 366-page narrative isn’t necessarily the writing, although CZ’s grasp of English—as a non-native speaker—is commendable. Instead, it’s the insights into the rise of Binance, the largest cryptocurrency exchange worldwide, that make it a compelling read.
CZ writes with a surprising level of honesty, sharing the journey not just about himself but also about other key figures in the industry, including his well-known rival, the imprisoned Sam Bankman-Fried.
By the time you set down this book, you’ll likely have a clearer understanding of how speculative investments have transformed into a multi-trillion dollar industry supported by significant Wall Street investment.
Interestingly, CZ found himself enveloped in the cryptocurrency chaos almost unintentionally. He first encountered Bitcoin during a poker game, where a friend introduced him to the idea.
After diving deeper into research, he became convinced of the potential offered by blockchain technology—a decentralized way to conduct transactions. This revelation prompted him to sell his apartment to fully invest in crypto, a gamble that eventually made him a millionaire.
This marked the inception of Binance.
Targeted by Biden
However, becoming a significant player also made CZ a target for the Biden administration, leading to a four-month stint in federal prison due to a crackdown on cryptocurrency activities. Even though he was forced to resign from Binance, he remains its largest stakeholder.
He described his time in prison as quite frightening, with his writing opportunities limited to quick “brain dumps” when internet access was available. Yet, this period provided him a chance to contemplate how cryptocurrencies have evolved from being niche to becoming part of many mainstream investors’ portfolios.
The ongoing advancements in blockchain technology are garnering recognition from major bank CEOs, highlighting its growing importance.
Notably, Larry Fink of BlackRock, who used to be a vocal critic of cryptocurrencies, has now become a proponent and has endorsed CZ’s book.
Proceeds from the book are set to go to charity since CZ, who is worth over $100 billion, doesn’t need the money.
He managed to navigate through industry turmoil much better than others, like Bankman-Fried, who is currently serving a lengthy prison sentence for defrauding customers at FTX, his now-defunct exchange.
CZ recounts how FTX’s downfall occurred, revealing that SBF sought financial assistance from him at a critical time.
“I could talk.”
CZ mentions that while he was open to discussing a potential bailout with SBF, he was quickly rebuffed. Instead of being straightforward about how much funding was necessary, SBF’s vague hints about needing billions were unhelpful. “It was like asking for a bologna sandwich,” CZ noted.
He decided, within a day, that engaging further was not the right course of action.
Eventually, FTX failed to secure the necessary funds, leading to its collapse and SBF’s conviction for misappropriating client money to stabilize his hedge fund, Alameda Research.
As for cryptocurrencies, they’re making a comeback with prices nearing $80,000 again. CZ has received a pardon from President Trump, and the industry is witnessing a revival of deregulation under the current administration.
In a conversation following his pardon, CZ clarified that he has never interacted with Trump or his family and doesn’t have any connections to their crypto ventures. Although he is still advising Binance, he has no plans to return to daily operations. Instead, his focus remains on promoting cryptocurrency and sharing its potential with broader audiences.
