Changpeng Zhao (CZ) released his memoir Freedom of Money on Amazon and gave a major interview the same day, where he outlined his view on the next five years of the crypto market and where he personally puts his money. He wrote most of the book while incarcerated — on a shared computer with 15 minutes a day of access.
Prison, Pardon, and Values
Zhao confirmed he voluntarily traveled to the United States even though he was living in the UAE and technically had no legal obligation to respond to the Justice Department's claims. He expected house arrest at worst — his lawyers couldn't find a single precedent where a standalone BSA (Bank Secrecy Act) violation resulted in actual prison time. The court handed him four months, even though prosecutors had pushed for 36 months, which was already three times the maximum under the relevant sentencing guidelines.
CZ frames Trump's pardon as personal rehabilitation, but what matters more to him is the broader shift in U.S. regulatory policy.
"The previous approach threatened to push the entire crypto industry out of the country, and now the U.S. is catching up on lost ground," he said.
Where CZ Puts His Money
Zhao keeps all his personal assets in bitcoin — he brought it up in the context of his own motivation.
"When the crypto market grows, it benefits not just the industry but me personally," he shared.
Alongside that, he runs the investment fund YZi Labs with $10B under management, operating across three verticals: Web3 infrastructure, AI, and biotech. According to CZ, that combination reflects his view on the technologies most likely to reshape finance and medicine over the next decade.
Bear Market as an Entry Point
Zhao also spoke at length about cycle-based investing strategy. In his observation, projects that received funding during a downturn consistently outperform those that got backed at the height of the hype.
"During a bull run, valuations are inflated, founders overestimate themselves, and money flows to weak teams simply because the market forgives mistakes. In a bear cycle, the ones who survive are those who build with purpose — and those are the people I want to work with," the Binance founder explained.
He acknowledged that the YZi Labs portfolio has historically delivered higher returns during drawdown periods than investments made at peak market activity. For anyone sitting on cash and waiting for the market to turn, that's a direct signal from someone who has been through multiple full cycles.
The Forecast
CZ is convinced that within five years, the word "crypto" will disappear from everyday use the same way nobody says "TCP/IP" today — it will simply become infrastructure. He also singles out the combination of AI agents and crypto payments as the structural driver of the next cycle.
"Agents will execute transactions automatically, without any human involvement, and they need crypto rails to do it," he said.
He sees the convergence of TradFi and crypto as inevitable — not a clash, but absorption.
All proceeds from book sales will go to charity, including Prison Professors, an organization focused on education for incarcerated people in the United States.