Binance founder Changpeng Zhao (CZ) has revealed that he sold his Shanghai apartment for about $900,000 to invest in Bitcoin during the sharp 2014 downturn.
He made the move despite not having a stable job at the time. In a recent interview, Zhao said he first encountered Bitcoin in 2013. Intrigued by the concept, he spent roughly six months studying the Bitcoin white paper and engaging with early members of the crypto community.
During that period, the asset’s price surged from around $70 to above $1,000 by late 2013. By the time he felt prepared to commit capital, however, the market had already peaked and was beginning to reverse.
Key Points
- CZ discovered Bitcoin in 2013 and spent six months studying it before investing.
- He sold his Shanghai apartment for $900,000 to buy Bitcoin during the 2014 market dip.
- His average purchase price was around $600, below Bitcoin’s previous 2013 peak of $1,000.
- CZ expanded his Bitcoin holdings even as the market continued to fall, showing long-term conviction.
- Around the same time, he left his job to pursue a full-time career in cryptocurrency.
- This early risk-taking and expertise laid the groundwork for founding Binance in 2017.
Buying During the Market Correction
As 2014 began, Bitcoin’s price slid toward $400. Rather than interpreting the decline as a warning sign, Zhao viewed it as a strategic entry point. He decided to liquidate his Shanghai property and allocate the proceeds to Bitcoin.
He later said his average purchase price was close to $600. When the market continued to fall after his initial purchases, he expanded his position instead of retreating, a move that underscored his long-term conviction rather than a short-term trading strategy.
At the same time, Zhao had already committed to a career pivot. He left his previous role with the intention of working full-time in the cryptocurrency sector.
Soon afterward, he joined Blockchain.com (then known as Blockchain.info) as an early team member. He later transitioned into other exchange-focused roles, further building his expertise in trading infrastructure and digital asset markets.
From Early Conviction to Global Exchange
Zhao has described Bitcoin as one of the most important technological breakthroughs of his lifetime, comparing its potential impact to that of the early internet. In his assessment, the downside risk appeared limited relative to the long-term upside.
That conviction ultimately shaped his entrepreneurial trajectory. In 2017, he founded Binance, which went on to become one of the world’s largest cryptocurrency trading platforms. His prior experience in exchange systems and market structure laid the operational foundation for the company’s rapid expansion.
Taken together, Zhao’s account highlights the degree of risk tolerance embraced by some early Bitcoin adopters. Although the value of his 2014 investment moved through multiple market cycles, his decision stands as a notable example of executive-level conviction during Bitcoin’s formative years.
