Chen Weixing: Investing in Two Richest Men, Philosophy Behind Controversy and Wealth

Chen Weixing: Investing in Two Richest Men, Philosophy Behind Controversy and WealthChen Weixing, a highly successful investor in both the mobile internet and blockchain eras, is renowned for his investments in Douyin (TikTok) and Binance. His investment in the former helped create China's richest man, while his investment in the latter propelled Changpeng Zhao (CZ) to become the richest person of Chinese descent

Chen Weixing: Investing in Two Richest Men, Philosophy Behind Controversy and Wealth

Chen Weixing, a highly successful investor in both the mobile internet and blockchain eras, is renowned for his investments in Douyin (TikTok) and Binance. His investment in the former helped create China's richest man, while his investment in the latter propelled Changpeng Zhao (CZ) to become the richest person of Chinese descent. However, he remains a constant focus of public attention and controversy. He is both an entrepreneur and investor, having founded Kuaidi Dache (a ride-hailing company) and successfully invested in leading companies like Li Auto, Douyin, Binance, Huobi, and Tron. He's also known for his outspoken and critical "fighter" persona, targeting investors, entrepreneurs, and various social phenomena, including prominent figures like Zhu Xiaohu, Li Xiaolai, and Zhang Yiming. This article delves into a three-hour in-depth interview, exploring Chen Weixing's investment philosophy, his views on wealth and blockchain, and his perspective on Douyin, Zhang Yiming, and artificial intelligence.

On Wealth, Bitcoin, and Binance

Nan Qidao: You claim to trust people easily and be very spontaneous, which seems contradictory to the image of a successful investor. Shouldn't investing be rational?

Chen Weixing: My investment approach is unique. I have a clear foresight of the future, something my company understands. My investments in mobile internet and blockchain, for example, begin with philosophical analysis, sketching a complete future ecosystem and identifying all key nodes. Then I have my secretary schedule meetings with everyone at those nodes. In Beijing, I'd gather early-stage blockchain entrepreneurs, each giving a 5-minute pitch, and decide on the spot whether to invest. Once I've figured things out, if I believe someone has the ability, even if I can't beat them, I'll invest and let them do it.

Nan Qidao: What's your most successful blockchain investment to date?

Chen Weixing: Binance. My judgment of Changpeng Zhao and He Yi was very accurate. (Note: According to financial reports, Binance is currently valued at $300 billion, and Chen Weixing was an angel investor.)

Nan Qidao: Has the Binance matter been resolved? (Note: Due to various reasons, there are some legal issues regarding Binance's shares, and both parties are working on it.)

Chen Weixing: It will be resolved sooner or later. My stance has never changed. I've always been optimistic about Changpeng Zhao. I believe he's, like Wang Xing, exceptionally intelligent, persistent, and dedicated to excellence. I wasn't wrong about him.

Nan Qidao: You mentioned previously that you invested in them after drinking in a KTV. Is that true?

Chen Weixing: Yes, because my gut feeling was right. People have intuition. He Yi didn't believe me at first, although others had recommended them to me, and I'd done some background checks. Combined with our mutual friends and my intuition, I believed they could succeed. I admired them and decided to invest that day. I was willing to invest in up to 20% of the company but ended up investing less. It was very straightforward. Investing in Yu Hong was similar; I directly transferred 500 Bitcoins, deciding during a drinking session. As an angel investor, I trust people.

Nan Qidao: This spontaneity has also led to subsequent disputes?

Chen Weixing: CZ and I have a lot of history together. They faced immense pressure, and later became somewhat greedy, gradually developing their own system. People are fickle and prone to forgetting principles. The principle is to avoid turning against each other. We worked together, played together, and shared together. One decision led us to where we are today, experiencing wonderful things and enjoying ourselves. Our story can inspire many young people.

Nan Qidao: Do you still interact with CZ? Or is this matter being handled by professionals (legal professionals), and you're not involved?

Chen Weixing: Professionals handle professional issues. The last time CZ and I met, we talked and drank for seven hours. We had a pleasant conversation. I understand him; he doesn't have time to deal with this, and I know he hasn't figured out how to handle it yet.

Nan Qidao: Because it's not just about the two of you?

Chen Weixing: Yes, the matter itself is very complex, and the entire process has been complex, so he doesn't want to handle it, and I understand. Ultimately, if you truly believe in principles and brotherhood, you do what you say. Even if we can't, we'll communicate by phone. We're still good friends. After all, I trusted him. I invested blindly, believing in them, investing so much money. My money wasn't earned easily; I also put in a lot of effort.

Nan Qidao: How much did you invest back then?

Chen Weixing: About tens of millions of RMB.

Nan Qidao: That was a significant amount at the time.

Chen Weixing: It was. Binance was only a month old. And I completely believed in them. What else could I do? As an angel investor, I made my contribution. They know I've contributed everything to Binance, including all my resources. They may not have seen all my work, but eventually, they will know. I've always been like that towards them.

Nan Qidao: Based on the current valuation, what's the theoretical return multiple?

Chen Weixing: From an investment perspective, it was undoubtedly successful. Our story has become history. We don't care about these things anymore. We've entrusted everything to professionals, and everyone will ultimately accept their judgment.

Nan Qidao: You will both accept the final outcome?

Chen Weixing: Yes, CZ and I don't have many thoughts about it anymore. We both have a computer-like mindset. He's even sharper than me; he's been through so much, including what happened in the US. I've also been through a lot. My interpersonal struggles caused me back pain for five years.

Nan Qidao: Thats why you drink so often. Every time we meet, youre drunk.

Chen Weixing: Yes, because alcohol numbs the pain. It was a psychological issue, which I later overcame. I've been through a lot; he even went to jail. For me, it's all history now. Professionals are handling professional matters. I, Chen Weixing, won't change because of anything. We were brothers playing together, and then you relieved yourself in my home, beat me up, gave me a little money before leaving, and said I should be grateful. That's not acceptable. You can't treat problems with complete disrespect. I don't want to think about it; it makes me anxious. I can't accept things like that; I've never accepted such things in my life. But overall, our conversation was pretty good at the time.

Nan Qidao: You started by making games in university, then moved on to ride-hailing apps, blockchain, and investing. You seem to consistently hit the mark and maintain momentum. Many people either miss opportunities or lack long-term focus, ultimately failing. What do you think your strengths are?

Chen Weixing: I'm quite straightforward and skilled in these areas because I've always focused on thinking about these issues. I have a unique way of thinking. I come from the countryside; I wasn't initially very confident, but I've grown steadily. Human beings' greatest potential is focus. With enhanced focus, people unlock enormous potential. This is the basis of our self-confidence. Focus is energy.

Nan Qidao: Many people are concerned about Bitcoin's current popularity. Should ordinary people invest, and are there still opportunities now?

Chen Weixing: I can't be too specific. Bitcoin has been discussed for many years. A very clever and sincere person advised people to buy some as insurance but not to speculate and focus on their lives. I can't teach people to speculate. If you teach speculation and provide advice that someone takes as an absolute truth, it can create resentment.

Nan Qidao: Blockchain aims for decentralization and a more equitable society. However, the reality we see is that governments and wealthy individuals hold a large amount of Bitcoin, becoming wealthier, isn't this becoming increasingly centralized? Isn't it reverting to traditional finance?

Chen Weixing: Absolutely not. It's not about wealth centralization but about incentive systems. Our accounting books have been falsified. As long as people are treated fairly, they naturally like to help each other. Like in my childhood in the countryside, under a good culture, people grow easily. Our current incentive system is flawed, leading to a deterioration of our culture. Economic problems have brought about similar ideological issues, hence the debate between capitalism and socialism. What's the benefit