American Tax Officer-Chapter 585 - 295: The Sorrows of the Richest Chinese
Chapter 585: Chapter 295: The Sorrows of the Richest Chinese
Chicago, the 77th floor of Willis Tower.
Here lies the headquarters of Ethereum in America.
At this moment, a large number of smartly dressed individuals could be seen exiting the offices, then pouring into a meeting room.
“I believe everyone is already aware of the IRS naming us specifically, what are your thoughts?”
Ethereum’s founder, Vikram Buterin, looked towards the gathered executives who had just taken their seats.
“This David is truly formidable, even managing to dig up Satoshi Nakamoto, and now that we’ve been publicly named, if we don’t ‘pay up’, I’m afraid the consequences will be dire.”
“In terms of the encryption level, Bitcoin’s technology is much more mature than ours, yet David was still able to find leverage. If he intends to target us, there’s no way we could escape.”
“Bitcoin has fallen, our troubles are significant this time…”
In strict terms, the emergence of Ethereum coin was actually due to founder Vikram drawing on the Bitcoin model to create it.
And up to today, although the value of Ethereum is nowhere near that of Bitcoin, it has firmly secured the second place in the cryptocurrency market.
But no matter what, with the downfall of Bitcoin as the market leader, and now that their own name has been publicly called out, the executives felt that this time, their chances of escaping unscathed were slim.
“So, according to you all, we should just obediently ‘pay up’ to the IRS?”
Vikram was somewhat dissatisfied with the resigned expressions on everyone’s faces.
Keep in mind, according to the data released by the IRS, Bitcoin had paid 20 billion in taxes.
Although the market capitalization and profits of Ethereum are not as huge as Bitcoin’s, they have reached nearly half of the latter’s scale, which means a certain 10 billion could not be avoided.
Who wouldn’t be reluctant to give away such an enormous amount of tax money?
“No, no, no, Mr. Vikram, it’s just that the IRS is powerful, and David’s methods are extremely formidable. I think we definitely can’t fight them; we should seek help instead,”
Bitcoin rose to prominence because it had the Illuminati acting as a powerful driving force from behind the scenes.
And Ethereum’s rise was similarly aided by a benefactor.
In early 2017, with JPMorgan Chase, the Chicago Mercantile Exchange Group, BNY Mellon, Thomson Reuters, Microsoft, Intel, Accenture, and more than 20 other top global financial institutions and tech companies, an Ethereum investment alliance was formed.
With the backing of this alliance, Ethereum finally broke through the ranks and became the second in the cryptocurrency market with a market cap close to 500 billion.
Vikram’s brow furrowed as he weighed the pros and cons, feeling that he indeed would find it very difficult to confront the IRS and David on his own, he eventually picked up the phone…
Seattle, Elliott Bay, Building 46, this is the location of the Binance exchange.
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In the office of this tall building, a Chinese-faced man wearing glasses looked distressed.
His name is Changpeng Zhao, and he is a legendary figure of the 21st century.
He was born in Huaxia, immigrated to Canada at the age of 12, entered the crypto circle in 2014, and in June 2017, he officially founded the digital currency trading platform Binance (a global cryptocurrency exchange) and served as CEO.
In July of the same year, he launched the proprietary blockchain currency—Binance Coin.
Binance raised 15 million US dollars in its initial coin offering, and in less than eight months, became the largest cryptocurrency exchange in the world, maintaining a leading position in the industry.
In February 2018, Forbes released its first-ever cryptocurrency rich list, with Changpeng Zhao ranking third with an estimated wealth of 1.1 to 2 billion US dollars, making him the only Chinese among the top ten and landing him on the cover of that issue of Forbes magazine.
However, this was just the beginning for him; what truly catapulted him to the peak was last year’s end, when he became the new richest Chinese person in the world with a net worth of 94.1 billion US dollars. This shocked the world and made everyone recognize his significance.
Afterwards, someone conducted an investigation into his past and found something astonishing.
In 2017, Changpeng Zhao was still an unknown, not even ranking among the wealthy.
By 2021, however, his fortune rocketed to 94.1 billion US dollars, all within a mere five years.
He is arguably the fastest individual to accumulate wealth in the 21st century, bar none!
It’s not that the Binance currency itself carries immense value. Strictly speaking, in the world of cryptocurrencies, it falls well short of Bitcoin and Ethereum.
The main reason Changpeng Zhao could become the wealthiest Chinese person in just a few years is primarily that he established the Binance exchange, which has become the world’s largest cryptocurrency trading platform.
Cryptocurrency exchanges and cryptocurrencies can be seen similarly to stocks and stock exchanges: the exchange can charge commissions for the transactions that occur within it.
This is like Egypt, which controls the Suez Canal, finding it hard not to become rich.
“Changpeng, we all know Satoshi Nakamoto is no ‘ordinary’ person; even someone as powerful as he fell to David, we would have no good end if we were to confront him,”
In the office, aside from Changpeng Zhao, there sat another Chinese man, named Lin Huaiwei, a close friend of Zhao’s for many years and also a shareholder of Binance.
