DeutschIt’s a statement that resonates throughout the crypto world. One of the industry’s most influential figures looks back – and speaks openly about a missed opportunity. Changpeng Zhao, better known as CZ, co-founder of the crypto exchange Binance, admits in his new book “Freedom of Money”: Investing in Ethereum could have brought “hundreds of times profit.” Instead, he remained a spectator.
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The book, currently being published in Chinese and English, provides insights into the career of a man who has shaped the rise of crypto markets like few others. Alongside a list of 72 life rules that oscillate between discipline and composure, one episode stands out in particular: the encounter with Ethereum co-founder Vitalik Buterin.
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As the book reveals, CZ met Buterin as early as 2013 at a Bitcoin conference in Las Vegas. At the time, Buterin was 19 years old and working for a trade magazine. Even then, he was talking about Ethereum – a concept that would later transform the blockchain world. More meetings followed, including one in Beijing in 2014. In 2015, Buterin even stayed overnight at CZ’s apartment in Tokyo.
The scene seems almost surreal today. Two young visionaries discussing the future of technology. Buterin explains that practically anything can be programmed on a blockchain. CZ listens – and doubts. “I couldn’t imagine it at the time,” he writes in retrospect. A decision with consequences: “I missed the investment. I could have made hundreds of times profit.”
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The retrospective is more than a personal anecdote. It shows how even experienced players can underestimate the dynamics of the crypto world. Ironically, CZ himself notes that this very missed opportunity may have been decisive. “Maybe I would never have founded Binance,” he essentially states. A thought that would make the industry look different today.
Changpeng Zhao Publishes New Book “Freedom of Money”
The book also highlights other defining moments. CZ describes the hectic days before the Chinese crypto ban in September 2017. A message reaches him one day before the official announcement. The reaction is drastic: emergency meetings, short-notice escape plans, SIM cards removed from phones to avoid being tracked. Destination: Tokyo. A scenario that feels more like a thriller than the story of a company.
The founding of Binance also gets its space. The name, now known worldwide, was created spontaneously according to the book. A suggestion from the team, immediately accepted. No lengthy deliberation, no market research. A decision that proved to be spot-on in hindsight. A later investment was less fortunate. Binance invested early in Terra LUNA. Shortly before the collapse, the position reached a value of around $1.6 billion. Despite internal discussions, they didn’t sell. “We didn’t want to be seen as the company that exits before retail investors,” is the explanation. A stance that proved costly.
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The book thus provides an unusually candid picture of one of the industry’s most powerful players. Between strategic successes and costly misjudgments, a nuanced portrait emerges. It shows an industry where timing is everything – and where even insiders don’t always get it right. The perhaps most important insight, however, lies between the lines: In the crypto world, it’s not just knowledge that matters, but also the courage to imagine. Those who doubt too early can miss out on billions. Those who act too late, likewise. CZ now knows both sides. (mck)
