Binance co-founder and former CEO Changpeng “CZ” Zhao claims to have been offering advice on how to set up crypto strategic reserves to countries across the globe. And he thinks that Europe is failing to keep up with adoption.
“We are talking with many countries, advising on how to set up a crypto strategic reserve,” Zhao said on a Token2049 panel. “Very basic fundamental stuff like what wallet solutions to use? Do you use a professional custody solution, or do you use your own cold wallets?”
This comes after the U.S. led the charge on creating a crypto strategic reserve with a March executive order signed by President Donald Trump calling for the establishment of a Bitcoin reserve and crypto stockpile.
“With one of the world’s largest economies holding Bitcoin, or making a crypto reserve, other countries are forced to do it,” Zhao said. “Because the later you do it, the more expensive your crypto will be.”
Zhao, who co-founded and was formerly the CEO of Binance, has been consulting with countries separate from the crypto exchange. He stepped down as CEO in November 2023 as part of a record-setting $4.3 billion settlement reached with U.S. prosecutors.
He served a 4-month sentence in prison and was released in September 2024. The conditions of his settlement and release prohibit him from having any involvement in managing Binance.
Speaking on Wednesday in Dubai, Zhao added that Bhutan is a shining example of a country embracing crypto adoption, with Bhutan’s special administrative region adopting Bitcoin, Ethereum, and Binance’s BNB token as part of its strategic reserves.
“I think it is a very meaningful thing to do,” Zhao said, referencing the blockchain advice he is offering countries. “I don’t charge for my time, it’s all pro bono. But I think, again, it’s very important for our industry, and it’s also important for each country’s economy.”
Despite the U.S. kickstarting blockchain adoption and other countries following in its footsteps, Zhao said that European countries are nowhere to be seen.
“I don’t see Europe in this discussion,” he said. “There’s an exception: Montenegro is actually quite pro-crypto, we have an active dialogue with the Prime Minister there [...] other than Montenegro, yeah [Europe] is kind of missing on the map.”
As a result, Zhou doesn’t believe that blockchain adoption is plateauing; despite critics claiming that U.S. adoption is a sign that the market is reaching its peak. Instead, he says, just be patient.
“Out of 200 countries, 12 countries are just starting, right? Even, the U.S. is just starting,” Zhou said, “Everything’s just starting.”
“I think when people invest, they’re really impatient,” he added. “Of course, when I invest, I want to see my money 10x tomorrow. Why not, right? But the market doesn't work like that.”
Edited by Stacy Elliott.
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