Written by: Techub News Organized

In the fireside chat at the Bitcoin MENA 2025 conference, Binance founder CZ (Changpeng Zhao) rarely opened up about the complex entanglements with U.S. regulators over the past two years, his personal decision-making journey, and shared his profound insights on the current crypto market, Bitcoin's development paths, and his new personal role. This conversation took place shortly after CZ was granted a pardon by President Trump, and his candid sharing provided industry observers with a unique perspective to understand regulation, market, and personal mission.

Center of Regulatory Storm: Choices, Imprisonment, and Pardon

As the founder of the world's largest cryptocurrency exchange, CZ (Changpeng Zhao) admitted that becoming the "number one target" for regulators was almost inevitable. "As the largest centralized platform, when regulators look at cryptocurrency, you are always the first one they see." He stated that the entire process was full of unknowns due to the lack of precedents.

Faced with accusations from the U.S. government, CZ (Changpeng Zhao)'s decision-making logic was simple and direct: solve the problem. He initially did not anticipate that he would go to jail, thinking he would only face house arrest at most. However, when faced with broader accusations that could impact colleagues, employees, BNB holders, and even the entire industry, he chose to take responsibility and resign as CEO. "I don't think too much about myself, but I think this is the right decision for everyone — including myself," CZ (Changpeng Zhao) said. He felt relieved about stepping down as CEO, seeing it as a form of "forced retirement" that would allow others to move forward.

When discussing his feelings in prison, CZ (Changpeng Zhao) believed that uncertainty was the scariest part. He did not know if he would face additional charges or be held for a long time. However, a year later, the situation took a turn, and he received a pardon from President Trump. CZ (Changpeng Zhao) described that moment as filled with "relief and a sense of justice," which fundamentally changed his view of America. "It made me feel that America had become a fair and just country again, at least from my point of view," he added, "Now, I want to help America become the capital of the crypto world again."

From "What Is It" to "How to Do It": The Evolution of Dialogue with Global Governments

After stepping away from the day-to-day operations of Binance, CZ (Changpeng Zhao) invested a significant amount of energy into dialogues with various governments, shifting his role from entrepreneur to policy advisor. He keenly observed that the questions from government officials have fundamentally changed.

"Three or four years ago, they were asking 'What' and 'Why' — what is cryptocurrency, and why should we adopt it?" CZ (Changpeng Zhao) said, "Now, the questions have turned into 'How'." For those governments still asking the first two questions, he generally chose not to spend time with them and let them figure it out on their own.

Today's dialogue focuses on specific regulatory framework design: How to formulate good crypto regulations? How to regulate exchanges and protect consumers? How to manage stablecoins? How to establish national crypto reserves? How to tokenize assets such as oil and government bonds? CZ (Changpeng Zhao) believes that his current role as a "crypto expert" advising governments may have a broader and more positive social impact than operating Binance.

Reflecting on his growth trajectory — from a village in China without running water and electricity to now discussing industry policies with governments around the world — CZ (Changpeng Zhao) humorously remarked that one could hardly imagine all this without being in a "simulation world." His belief is that no matter the circumstances, one should do their best.

A New Chapter: Education, Investment, and "Crypto Salesman"

When asked about the next chapter of his life, CZ (Changpeng Zhao) made it clear that he is not overly attached to fame, legacy, or wealth. He values reputation and integrity more — no fraud, no harm to any users. Power no longer holds importance for him, as he has voluntarily stepped away from positions of power.

After careful consideration, he found a new direction: "When I am old and look back on my life, I just want to tell myself that I did my best." Based on this, he believes creating a fully digital, gamified, personalized, and free online education platform "Giga Academy" to help people lacking educational resources may be the most significant positive impact he can have. Launched about a year ago, the project has already benefited around 90,000 children. To his surprise, after open donations for about a month, the funds raised (around $11 million) far exceeded his personal investment.

Additionally, CZ (Changpeng Zhao) also participates in investments in blockchain, AI, biotechnology, and other fields through Easy Labs Investments and serves as a mentor for several projects. He describes himself now more like a "coach."

Regarding his legacy in the industry, CZ (Changpeng Zhao) hopes to be remembered as the "crypto salesman" — someone who promoted cryptocurrency adoption globally. He feels his influence is even greater now because he no longer operates a platform, making him seem more neutral, and people are more willing to listen to his advice. "But I’m still a crypto loyalist, and I will always be pushing for crypto adoption," he concluded.

Market Observation: Institutional Entry, Cycle Evolution, and Future of Payments

Regarding the current crypto market cycle, CZ (Changpeng Zhao) pointed out that this cycle is significantly different from previous ones: institutional adoption has become the dominant force. The launch of Bitcoin ETFs and continuous purchases by companies like MicroStrategy mark that traditional financial institutions such as Wall Street are deeply involved. He believes this is a key bridge for crypto to transition from a grassroots movement to the mainstream financial world, which is very beneficial for the industry. However, the FOMO (fear of missing out) sentiment among retail investors has not yet surfaced on a large scale.

When asked whether the classic "four-year cycle" theory is still valid, CZ (Changpeng Zhao) provided an interesting perspective: if the four-year cycle fails, it might be a good thing for the industry. According to the old cycle, right now (December 2025) should be the market peak, followed by a long crypto winter. But he believes a new macro force — the policies of the Trump administration — is coming into play. Policies like interest rate cuts and quantitative easing may boost the stock market, and as people's wealth increases, some of it might be allocated to the much smaller cryptocurrency market, which could potentially offset or even reverse the traditional downward pressure of the cycle. "We might see a 'super cycle,'" he cautiously predicted.

Reflecting on Bitcoin's adoption path over the past ten years, CZ (Changpeng Zhao) acknowledged its unpredictability. Bitcoin was initially envisioned as "an electronic cash payment system," but the actual proportion used for payments remains very low. He believes that the payment trend will eventually change, with a path that might involve: first integrating traditional payment channels through crypto cards (like the Binance card) where users pay with crypto assets, and merchants receive fiat currency, nurturing user habits; subsequently, stablecoins may become more mainstream payment mediums; ultimately, when crypto adoption is high enough, paying directly with cryptocurrency will become a reality.

He also listed a series of unexpected innovations: ICOs, NFTs, the DeFi summer, and ultimately Bitcoin ETFs. "You just can't foresee these things before they happen," CZ (Changpeng Zhao) lamented. Regarding the contradictory phenomenon where he is being sued for operating an exchange while the traditional financial system is approving Bitcoin ETF products, he personally believes it seems like an attempt to "suppress grassroots movements and institutionalize them." However, he emphasized that Bitcoin's主体仍然是全球零售持有者，是一个国际性运动，欢迎机构参与，但无法被剥离其草根根基。

Bitcoin and Innovation: Advocate of a Diverse Ecosystem

At the end of the conversation, the host posed a fun question: who is the bigger Bitcoin bull, CZ (Changpeng Zhao) or MicroStrategy founder Michael Saylor?

CZ (Changpeng Zhao) humbly stated that when it comes to focus on Bitcoin, Michael Saylor is stronger. He himself tends to favor a diverse crypto ecosystem. He highly recognizes Bitcoin's status as a global reserve currency (and even a world reserve currency), but also points out that Bitcoin, due to its high decentralization and large scale, will inevitably innovate slower than some new, smaller projects.

"I am a supporter of innovation. I believe all innovation will help Bitcoin, not take anything away from it," CZ (Changpeng Zhao) explained, "Bitcoin can replicate many innovations in reverse... but if you only want to innovate on the Bitcoin chain, that will be difficult; you need to keep forking, which will bring other issues to the industry."

He summarized his position: friendly to entrepreneurs, friendly to innovators. In the mature technological future (10, 20, 30 years from now), we might only need a few blockchains. But today, to pursue as much innovation as possible, having more blockchains is a better choice. Perhaps his philosophy can be understood this way: invest in innovation, measure success with Bitcoin. "If you can outperform Bitcoin, that is true success. Otherwise, you should just buy Bitcoin directly," CZ (Changpeng Zhao) said with a smile.

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