On April 6, 2025, former Binance CEO Changpeng Zhao (CZ) participated in a discussion with KOL Tuao Master and Tron founder Justin Sun during the BNB Chain Super Meetup in Hong Kong. The conversation covered a wide range of topics from the current state of cryptocurrencies to education initiatives and governance. Here’s a comprehensive breakdown of the key insights from this rare public appearance.
The Current Crypto Landscape
CZ expressed concern about the overwhelming attention being given to memecoins in the current market cycle. He noted that the noise around memecoins has become so dominant that it’s drowning out projects with real utility and long-term potential.
“The noise around this round of Memecoins is just too loud — and in some ways, it’s actually unhealthy for the industry,” CZ remarked, adding that even exchanges are struggling to determine which tokens deserve listing.
According to CZ, projects that can truly endure must have:
- Real users
- Genuine revenue generation
- Profitability
He emphasized that these fundamentals are what allow token prices to stabilize and users to benefit consistently over time.
Thoughts on Memecoins
When discussing his own ventures into the memecoin space, CZ was remarkably candid: “My learning in the Meme space has been somewhat of a failure, and it has indeed caused some issues for the community.”
He explained that what began as posting dog photos to drive engagement unexpectedly sparked numerous memecoin launches, creating a situation where the community expected him to “pick winners” – something he believes should be community-driven.
CZ highlighted the fundamental problem with memecoins: they typically issue tokens first, then search for a business model, and finally try to build a product – a sequence he sees as unfavorable for sustainable development. Traditional projects follow a more logical path: whitepaper first, then fundraising through token issuance, followed by executing according to plan.
“Once the token is issued, the flexibility of the project is significantly reduced, and pivoting becomes difficult,” CZ noted, which is why he advises against rushing token issuance before finding product-market fit.
Long-Term Investment Strategy
When asked about his famous “If you can’t HODL, you won’t be rich” statement, CZ confirmed he still stands by it, but with an important caveat: HODLing works as a strategy only if you understand the fundamentals of what you’re holding.
“You can’t just see thousands of tokens and try to hold them all. Most tokens will eventually go to zero,” he warned. The tokens truly worth holding long-term are those with real use cases and solid fundamentals.
Beyond Bitcoin, CZ pointed out that both Ethereum and BNB have outperformed Bitcoin since their respective launches when measured over the same time periods.
BNB Chain Development
CZ acknowledged that BNB Chain’s development has fallen short of expectations, particularly noting its absence from the memecoin wave. He attributed this partly to his own focus shifting to regulatory matters in the U.S. over the past year.
“BNB Chain has shown some signs of recovery recently, but the momentum is still not strong enough,” he admitted, emphasizing the need to ensure they don’t miss the next trend. He mentioned ongoing investments in infrastructure, DeFi, AI, and DeSci to strengthen the ecosystem.
Advice for Blockchain Builders
For those looking to build in the blockchain space, CZ offered straightforward advice:
- Do what you truly love – Pursue what you’re genuinely passionate about
- Develop endurance – Persistence is the key determinant of success for both individuals and projects
He also noted that the current market, while not technically bearish, presents good opportunities for long-term builders to secure investment. “Teams that genuinely want to BUIDL long-term actually have an easier time raising funds now — it’s just that the way isn’t through issuing tokens, but rather by finding the right institutional partners,” CZ explained.
Giggle Academy: CZ’s Educational Initiative
Perhaps the most revealing part of the conversation was CZ’s discussion of Giggle Academy, an educational project he’s passionate about. After serious reflection on how he could make the greatest positive impact on society, CZ decided education was the answer.
The vision for Giggle Academy is ambitious: create fully digitized educational content accessible through an app to reach the approximately 120 million people worldwide who have no access to education. CZ calculated that with about $300 million, they could digitize 18 years’ worth of educational content across 30 subjects.
“This investment only needs to be made once, as the content for first-grade English won’t change frequently. Once it’s created, it can be spread and expanded infinitely,” CZ explained. His goal isn’t financial return but social impact.
The academy aims to start teaching children from age two through adulthood, focusing on practical skills that lead to employment rather than just degrees. Beyond traditional subjects, they plan to teach entrepreneurship, finance, emotional intelligence, negotiation skills, and digital currencies.
Blockchain in Governance
CZ shared insights about his increasing work with governments interested in implementing blockchain solutions. He noted a significant shift: “It’s them coming to us, rather than us going to them like we used to.”
Many governments, concerned about falling behind as countries like the U.S. express stronger support for blockchain, are proactively seeking expertise. CZ mentioned he’s now advising multiple governments on regulatory frameworks conducive to industry development.
The implementation roadmap he typically suggests begins with identity systems (Decentralized Identifiers or DIDs), followed by wallets. These foundations can then support applications like visa processing, immigration management, bank account opening, land registration, medical records, academic certification, and government procurement.
Personal Routines and Priorities
On a more personal note, CZ shared that he typically goes to bed late and wakes up late, often working from bed due to back issues. He exercises around noon and enjoys kitesurfing as his main hobby.
His reading list currently includes “The Nvidia Way,” which he describes as well-written with valuable insights on building an ecosystem from scratch.
Throughout the session, CZ emphasized the importance of fundamentals in crypto: real utility, genuine users, and sustainable business models. Despite acknowledging Binance’s Web3 wallet falls behind competitors in user experience, he remains optimistic about the company’s ecosystem advantages.
His focus has clearly shifted toward broader impact through education and blockchain governance while maintaining his core philosophy: persistent building on strong fundamentals is the path to long-term success in the blockchain space.
For builders in the space, his parting message was simple but powerful: “If you have passion and can persist, you will go further.”
