See More

Binance CEO Admits to Shilling Binance Coin and Bitcoin

2 mins
Updated by Adam James
Join our Trading Community on Telegram
The CEO of popular cryptocurrency exchange Binance, Changpeng Zhao, has admitted that he personally has been shilling not only his exchange’s own utility coin, Binance Coin (BNB), but also Bitcoin (BTC).
Zhao asserts that what is good for Bitcoin is good for BNB and it is his interest, and the cryptocurrency community’s at large, for both to be doing well. More so, but the cryptocurrency exchange CEO also hinted that he was looking for BNB to outperform Bitcoin this year — having just beaten the top crypto last year. He stated that, without any guarantees, the Binance Coin ecosystem will build faster than Bitcoin (again).

What’s Good for One Is Good for Another

Zhao responded to a tweet about altcoin and BTC volatility by explaining that, when Bitcoin is pumping, there is increased usage and demand for BNB as the token is often used to pay the fees on his platform. Zhao also added that, when Bitcoin rallies, others often follow as altcoin buyers ride the positive market. Therefore, it is very much in the interest of Zhao to shill Bitcoin and for the first and foremost cryptocurrency to have a good year. As Binance continues to expand its cryptocurrency empire — now with altcoin, leveraged, and derivative trading — it will hope to lure in more users to its platforms where BNB is used.

Bitcoin vs. Binance Coin

Binance Coin had an interesting year in regards to its market performance. The coin began 2019 priced at $6 and rose to a high of $38 in just under a month before Bitcoin hit its high for the year. However, BNB slumped back down to finish 2019 at $14. Meanwhile, Bitcoin went from $3,700 to $7,300 over the 12 months to just a scrap under a 100 percent increase. Binance Futures 2020 certainly could be a big year for Binance Coin as the cryptocurrency market continues to mature and find more uses cases and niches to fill. Bitcoin has been settling down in terms of volatility and could have a steady year of growth, — but a utility token like BNB could find itself more in demand as its use cases and possibilities expand.
Top crypto platforms in the US | March 2024
Coinbase Coinbase Explore →
AlgosOne AlgosOne Explore →
Chain GPT Chain GPT Explore →
iTrustCapital iTrustCapital Explore →

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

pic1-convertimage.jpg
Julian Thomas
Julian has had a long interest in financial technology, especially cryptocurrency and blockchain. He studied to be a journalist and then decided to marry his passion for fintech with his skill in writing to report on this ever-changing and rapidly moving space.
READ FULL BIO
Sponsored
Sponsored