Quote · PBD Podcast
The $110 Billion Dollar Man - Binance Founder Opens Up | PBD #797
Where this was said
The Intangible Wealth Revolution & Global Business Migration
At 9:13 · chapter starts 6:00
Patrick opens with a striking statistic: in 1970, 85–93% of S&P 500 wealth was in tangible assets; today that ratio is almost exactly reversed, with 92% in intangible assets like patents, AI, and crypto. [1] — Changpeng Zhao "CZ served 4 months in prison: CZ self-surrendered to prison on May 30, 2024, and was released on September 27, 2024, serving exactly 4 mont…" 2:13:09 CZ immediately agrees and extends the point: Bitcoin and crypto have no geographic borders at all — your coins travel with you across any border without a wire transfer. This creates an entirely new competitive dynamic where countries must compete for talent and capital with favorable regulation, not coercion. CZ points to companies moving from California to Texas, the UAE's cryptocurrency exchange licenses, and Binance's own 5,000-person fully remote workforce in 100+ countries as evidence that the old model of 'do business in one country, expand slowly' is obsolete. Governments that don't understand this, he warns, will tax themselves into irrelevance.
Binance operates with approximately 5,000 fully remote employees spread across more than 100 countries worldwide.
