CZ Reveals Why He Hesitated On BTC – And Regretted It

Binance founder Changpeng Zhao (CZ) says he spent six months studying Bitcoin (BTC) before investing, only to believe he had already missed the opportunity. In a recent podcast, CZ revealed he first discovered BTC in 2013 when it was around $70, but waited until prices approached $1,000 before entering the market.

What CZ Said About Discovering Bitcoin

In an interview on the All-In Podcast, Zhao shared details about his first exposure to Bitcoin. As it happens, he was introduced to Bitcoin by a friend in 2013, then spent around six months studying the whitepaper, initially buying only a small amount, and then felt he was “too late” after BTC surged.

“I was like, ‘I’m too late, I wish I got in early.’”

By the time he decided to invest seriously, Bitcoin had already rallied from roughly $70 to nearly $1,000, which made him hesitate. Despite this, CZ ultimately went all-in and left his job to enter the cryptocurrency industry full-time.

The Psychology Of Feeling “Too Late”

One of the most relatable takeaways from CZ’s story is psychological, not technical. He noted that:

“It doesn’t matter when you get into Bitcoin, you always feel late. Because everyone you talk to in the Bitcoin industry has bought before you.”

This sentiment is common across multiple cycles. Historically, early adopters felt late after $1 turned to $100, the 2017 entrants felt late after $1K became $20K, and the 2021 entrants felt late coming in as Bitcoin soared from $20K to $69K. Yet over longer timelines, Bitcoin has continued making higher macro highs.

Why 2013 Was A Turning Point

Zhao said discovering Bitcoin became a major life pivot. At the time, he was working in fintech, he was financially stable, and not yet an entrepreneur, until Bitcoin came in and changed the trajectory.

After studying it deeply, CZ sold his property, bought Bitcoin, quit his job, and entered crypto full-time. That decision ultimately led to Binance’s creation years later.

“I sold the apartment for roughly $900,000, for just under a million bucks. And then started buying, and I got paid in trenches because, you know, you get a first down payment, you get paid in trenches, and every trench I get, I just buy. The first trench was at $800, and then Bitcoin was dropping, $600, $400. Kind of averaged to about $600.”

Lessons For Crypto Investors

CZ’s story reinforces a key pattern in crypto markets, including conviction taking time (he spent half a year researching before acting), timing feeling bad in every cycle, with even future billionaires thinking they were late, and big outcomes following asymmetric bets, like selling real estate for BTC, an extremely high risk at the time.

Stories like CZ’s tend to resurface during major market transitions. They often appear when new cycles begin, macro sentiment shifts, and institutional adoption rises. The core message is psychological more than it is predictive, as even insiders who built the industry experienced doubt and hesitation early on.

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