Binance Coin (BNB) has been in freefall recently and Binance CEO CZ has decided to take things into his own hands as a result. In a recent tweet, he laments how the Samsung Galaxy S10 adding BNB didn’t move the price much—a shameless reminder that BNB ‘should’ be worth more.
Recently, South Korean news outlet Decenter reported that the Samsung Galaxy 10 now supports Bitcoin, Ethereum, stablecoins, and most major altcoins in its automatically-generated wallet. BNB was one of the supported coins and the CEO of Binance did not hesitate to make this fact known not once, but twice.
His original tweet was standard: just spreading the word about BNB being added to the Samsung Galaxy S10.
Not a small deal, right? Guess which phone I will be buying and recommending to all of my friends! It's spreading.
Bitcoin, BNB, Major Stablecoins Added by Samsung Galaxy S10 with Wallets Automatically Generated for Phone Owners https://t.co/s1QB3tAllk
— CZ Binance (@cz_binance) August 30, 2019
BNB Price Holds Still Despite Binance CEO’s Attempts
The price of BNB did not budge on the supposed ‘announcement.’ This could be due to the fact that Galaxy S10 is just adding wallet support, a non-event in the cryptocurrency world considering that easily-downloaded and secure wallets already exist for mobile phones.
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This did not stop CZ from tweeting about it again, however. 6 hours later the CEO sent out another tweet about this same story as if frustrated by BNB’s price. “Samsung Galaxy S10 adds #BNB, price didn’t move much. Sometimes even I have to wonder how the world works?” he writes. Soon after posting the tweet, it was deleted. Perhaps CZ realized how outright shameless the tweet was.
Luckily, Mike Dudas (@mdudas) of The Block managed to catch a screenshot of CZ’s original tweet.
— Mike Dudas (@mdudas) August 30, 2019
The BNB chart also seems to indicate a slight bounce did happen once CZ retweeted the news.
Is BNB A Hedge Asset?
CZ is undoubtedly frustrated that BNB has been plummeting. The CEO of Binance has always prided himself on the fact that BNB seemed to decouple from Bitcoin’s price for much of the 2018 bear market, even gaining in satoshis for much of the year. He’s also argued that BNB is a ‘hedge against inflation,’ which seems nonsensical given how young and relatively unknown BNB is still.
Although CZ’s tweet may have stopped BNB’s slow bleed momentarily, it continued to drip downwards just hours later. Much to the CEO’s disappointment, it has yet to find a floor.
CZ was also just under fire for giving out bad trading advice regarding his own asset.
With the ban on Americans set to take place sometime in September, we can likely expect more short-term pain for Binance’s flagship cryptocurrency. Although BNB is still in the green for 2019, unlike most altcoins, the asset has been plummeting as of late. On August 9th, BNB was trading at around $31 but has since fallen to $22.
Should CZ have more professional diligence in his tweets? Let us know your thoughts below in the comments.
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Images are courtesy of Shutterstock, Twitter.