In a wide-ranging interview on the tech podcast TBPN, Binance founder and former CEO Changpeng Zhao (CZ) discussed why he wrote a new book, what he thinks the public and media still misunderstand about crypto, and where he sees the industry headed—from regulation and privacy to AI-powered payments and the resurgence of prediction markets. The conversation also touched on the enduring mystery of Satoshi Nakamoto and why, in CZ’s view, Bitcoin may be stronger because its creator remains unknown.
Writing a book “to tell my story”
CZ framed the book as a personal account meant to correct misconceptions and present his perspective. “I think it’s really just to tell my story,” he said, adding that he began the manuscript during incarceration: “So I started writing a book when I was in prison… And then I just finished when I got out.” He described the motivation as partly practical and partly reflective: “I thought you know it might be interesting story to share and… let people know what my view is.”
He also argued that mainstream narratives about crypto and major platforms remain distorted. “A lot of traditional media have many misconceptions about crypto, Binance, myself etc.,” CZ said. “There’s a lot of media that’s not accurate about crypto… a very good chance for me to share my perspective and have people understand crypto better.”
“Illicit activity” and the transparency paradox
One of CZ’s core themes was that crypto’s reputation for criminal use is outdated and statistically overstated. “People think that Bitcoin is only used by drug lords or for illicit activities,” he said. “The truth is actually… illicit activities in crypto is actually much much less than in traditional finance.”
At the same time, CZ highlighted a paradox: blockchain’s openness can create privacy risks even for legitimate users. “Right now the crypto industry is… too transparent,” he argued. “The blockchain is a public ledger,” and when you combine it “with a few centralized exchanges’ KYC information, you can track most of the transactions pretty accurately.”
He gave concrete examples of how everyday payments can leak sensitive information. If a company pays salaries on-chain, he said, observers can trace payments and “figure out everybody’s salary.” Similarly, paying a hotel address from a known wallet could reveal travel plans and create physical security risks. “So there’s little problems like those that are not solved yet,” CZ said, concluding that the industry must “strike a balance” between meeting regulatory requirements and protecting privacy.
Regulation: imperfect, but “any clarity is better than none”
On US policy, CZ sounded cautiously constructive. “I think right now US is making really good progress on crypto regulation,” he said, referencing ongoing debates and stablecoin-related issues “based on my layman understanding.” While he emphasized he’s “not a lawyer” and “not a regulatory guy,” he stressed the value of forward momentum: “Any clarity is better than none.”
CZ also warned against expecting perfect frameworks immediately. “The current iteration of regulations will not get everything right on the first try,” he said, predicting “collaboration over time.” The key, in his view, is to “make progress and move forward.”
AI and crypto: global payments for non-human actors
CZ placed AI and blockchain alongside the internet as foundational technologies. “There’s really three big technologies in my adult lifetime… AI, blockchain, there’s internet—like it’s on those levels,” he said.
One of his more specific predictions: AI agents will push crypto adoption by needing native digital payments. “AI is going to use crypto for payments for transactions,” he said, because AI systems “cannot KYC through a bank. They cannot do a selfie. They don’t have a passport.” Crypto’s global interoperability, he argued, offers a practical advantage: “You integrate with a blockchain once—it works globally,” supporting both microtransactions and large transactions.
CZ also suggested AI can make crypto safer to use, especially for self-custody: “With AI we can probably build… safer tools for people to do self-custody and… safer tools for people to transact.”
Quantum risk: upgrade the cryptography
Asked about quantum computing, CZ took an evolutionary view. Quantum could break current encryption, he acknowledged, but the response is technical migration rather than existential panic: “There are already quantum approved… encryption algorithms… So we just need to upgrade the protocol to use those encryption mechanisms.”
Satoshi: better unknown, less founder centralization
On whether he knows Satoshi Nakamoto, CZ replied: “No. Unfortunately, I don’t. Even if I did, I would have said no, but I honestly don’t.” Over time, he said he has “come to peace with it,” arguing that identifying Satoshi could have downsides. “I think it’s better if we don’t know who he is,” he said, because it helps avoid “founder centralization.” Unlike projects with visible leaders, “what makes Bitcoin unique is that… the founders [are] no longer participating… so that makes it more decentralized.”
Prediction markets, NFTs, and second winds
CZ said prediction markets are entering a moment that earlier cycles lacked. “Today I do think prediction markets has a huge potential,” he said, attributing prior failures partly to timing: “If you implement them too early… they don’t get traction.” He described them as “price discovery and truth discovery,” “using price to discover truth,” and noted he’s invested in multiple projects in the sector.
As for older narratives like DAOs, NFTs, and gaming, he expects returns—but not carbon copies. “Many things will have a second wind,” CZ said, but “the second wind will most likely be a little bit different.” He added, “DAOs will not disappear,” and argued that tokenized art will likely recur in new forms: “Tokenizing art is probably going to come back at some point multiple times.”
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