Binance Founder Advises Nations on Crypto Reserves Amid U.S. Bitcoin Reserve

Changpeng “CZ” Zhao, the co-founder and former CEO of Binance, has been actively advising countries on establishing crypto strategic reserves. This initiative comes in the wake of the U.S. government's decision to create its own Bitcoin reserve, which has set a precedent for other nations to follow suit. Zhao has been offering guidance on fundamental aspects such as wallet solutions and custody options, emphasizing the importance of early adoption to avoid higher costs in the future.

Zhao's involvement in this advisory role is separate from his duties at Binance. He stepped down as CEO in November 2023 as part of a $4.3 billion settlement with U.S. prosecutors, which included a 4-month prison sentence. Despite these legal constraints, Zhao continues to offer his expertise pro bono, believing it to be crucial for both the industry and individual economies.

One notable example of a country embracing crypto adoption is Bhutan. Zhao praised Bhutan for adopting Bitcoin, Ethereum, and Binance’s BNB token as part of its strategic reserves, highlighting it as a model for other nations. He also mentioned Montenegro as an exception in Europe, noting that the region has been relatively slow in adopting blockchain technology.

Zhao's perspective on the global adoption of blockchain technology is optimistic. He believes that the market is far from reaching its peak, despite some critics suggesting otherwise. He encourages patience, noting that while the U.S. and a few other countries are making strides, many more are just beginning their journey into the crypto space. Zhao's advice underscores the potential for widespread adoption and the economic benefits it could bring to countries that act early.