In 2017, at a private investor gathering in Silicon Valley, Elon Musk and Zhao Changpeng (CZ) met for the first time. At that time, CZ was still a rising star in the crypto world, Binance had just been established, while Musk was already a giant spanning the automotive, aerospace, and energy sectors. They discussed the future, technology, and freedom, but little did they know that this chance encounter would sow the seeds for years of rivalry.
During a break in the meeting, Musk and CZ stood in a corner discussing blockchain technology.
Musk raised an eyebrow: "Bitcoin (BTC) is just a restructuring of the rules of the financial game; it doesn't have much significance for social structure. Do you really think decentralization of cryptocurrency can change the world?"
CZ calmly responded, "Can Tesla's production of electric vehicles really save the Earth? Change has never been an overnight affair; we are all exploring the path forward."
Musk smiled slightly, hands in his pockets: "Your path is too narrow; this has nothing to do with code. The real control still lies with the trading platform. Where is the decentralization?"
This clash ended on a sour note. CZ and Musk believed at one point that their philosophies and goals were completely opposed, and they kept their distance in multiple settings.
In 2021, the cryptocurrency market exploded, and Binance, led by CZ, expanded at an astonishing rate. Musk suddenly announced that Tesla would accept Bitcoin payments, quickly becoming the new "totem" in the crypto world. However, just months later, Musk dramatically "changed his mind," canceling Bitcoin payments and criticizing Bitcoin's energy waste issue. This move triggered market panic, and Bitcoin plummeted.
The next day, Binance's official social media shared a satirical image from a netizen: "When you speak irresponsibly, the market has to pay the price." This quickly reached Musk's ears, and he directly tweeted:
"Binance talks about decentralization while controlling a large amount of crypto assets; the so-called distributed future, huh?"
CZ didn't remain silent; he directly called out on Twitter:
"Aren't the cars produced by Tesla also monopolistic tools of energy technology? We're all earning capital to change the era; you can be hypocritical, but don't mislead."
Back and forth, Twitter became the main battlefield for public opinion. This war of words attracted media coverage and brought their relationship to a freezing point. For a time, the two were described as the "ice and fire" of the crypto world.
At the end of 2024, rumors spread in the market: Binance and the X platform (Twitter after Musk's acquisition) might reach a cooperation agreement. This news created a sensation, making it hard to imagine that the two who once couldn't stand each other in public might actually join forces.
"Have they reconciled?" A news headline reads: "Is it trust or interest?"
The answer was revealed at a Wall Street press conference in December 2024. At the event, the two appeared together. Musk wore a black jacket, standing in the center of the stage, while CZ wore a simple polo shirt, crossing his arms and smiling slightly.
CZ was the first to speak, seemingly calm: "I have indeed had many disagreements with Musk, but cooperation has always been based on common goals. The X platform needs Binance's support, and we hope to see a stronger distributed future."
Musk replied, "Yes, we are both realists; otherwise, we wouldn't be sitting here today."
After the press conference, the roundtable discussion finally allowed the two to converse privately, with an atmosphere that was tense yet curious.
Musk smiled and said, "I never expected that one day we would stand on the same stage."
CZ shrugged: "This market changes too quickly; no one has absolute right or wrong."
Musk asked with his usual sharp tone: "Is cooperation not enough? Aren't you afraid I'll turn around one day and bring you down?"
CZ looked him in the eye: "Binance hasn't survived a single day relying on Tesla, but the market always hopes to see strong players join forces. You can attack me, but don't forget, you also rely on crypto payments."
The atmosphere relaxed a bit as the two raised their coffees (a must-have beverage for Musk after he quit drinking).
Musk raised his glass: "Just don't let me see more 'CZ memes' on Twitter."
CZ smiled: "That depends on whether you can stop causing market crashes with your casual remarks."
At the press conference following the event, a reporter asked: "How do you both view the past conflicts?"
Musk shrugged it off: "It's just like a rock band's tour; splits and reunions are necessary adjustments."
CZ added, "Both sides have the ambition and ability to realize their dreams, but returning to our original intentions, we are actually one type of person - our goals are to drive new fields forward."
At the beginning of 2025, the crypto payment project MiniDoge, a collaboration between Binance and the X platform, launched. The headline read: "Why did former rivals become new allies of the era?" The two remained silent, responding to everything; this collaboration marked a new turning point.
Years later, when Musk spoke about CZ in an interview, his tone was relaxed yet meaningful: "He's a smart guy, but fortunately, so am I."
From rivalry to walking side by side, the relationship between the two became a story etched in the history of crypto, as if fate brought them back to the starting point after a winding journey, but this time, it was the beginning of a win-win situation.
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