10 Reasons To Be Bullish On Binance Coin (BNB) – Miles Deutscher

Binance

A cryptocurrency analyst, Miles Deutscher says that there are many reasons to be bullish on BNB considering recent market conditions. The reasons to bullish on BNB according to him are:

  • BNB recently hit an all-time-high on the BNB/BTC chart, which is an impressive performance at a time of uncertainty in the coin market.
  • Compared to the rest of the cryptocurrencies in the market, BNB has not lost as much value as most of the other coins. Since its ATH, the Binance token has lost 55% of its value. Even though this could be considered a lot, in comparison with top cryptocurrencies, it is obvious that the BNB loss is moderate. For instance, Bitcoin lost 66%, Ethereum lost 61%, SOL 84% and AVAX 82%.

Top Exchange By Volume And Reputation

  • Binance has grown to become the biggest exchange in terms of volume. The exchange is also leading in trust score, according to Coingecko.
  • The Binance CEO, Changpeng Zhao (CZ) is a reputable community member. In fact, many in the crypto industry see him as one of the faces of credibility in the industry.
  • People can actually bet on the success of BNB because the token is behind one of the most successful smart contract ecosystems in the industry. Even though we have seen smart contract platforms underperform, the focus on utility by the BSC puts it in the class of Ethereum in this respect.

Focus On Compliance

  • CZ has been working with world leaders, political actors and regulators to ensure that cryptocurrencies and blockchain technology is seen in proper perspectives. The effect on the industry and BNB will definitely be positive. CZ drive for adoption and compliance has a direct impact on the value of BNB and the perception of regulators.
  • According to Web 3 security platform, Certik, BNB is one of the top ranking tokens listed according to how secure tokens are. BNB was listed with a trust score of 95.
  •  Binance as an exchange, Binance Smart Chain and the entire ecosystem of the company has seemingly operated based on best practices. This is why the company is rarely in the news for the wrong reasons – a testament to the strength of its operations and consequently, its token, BNB.

Rise of BUSD Due To FUD

  • With the recent FUD on stablecoins and the doubts about the USDT audit, the industry will increasingly look for alternatives to the biggest stablecoins, USDT and USDC. This is where the Binance stablecoin, BUSD will benefit and contribute to the growth of Binance token. BUSD is backed 1:1 by the USD.
  • Even though there is no assurance that BNB would generate high returns, it is one of the safe tokens to hold based on the infrastructure behind its technology and the company running things.

In his response to the complaint by some users that the benefit of using BNB within the exchange isn’t always accessible. CZ said that the 25% benefit was supposed to be reduced to 12.5% in year 4 and 6% in year 5, but that the company has kept it at 25%.

Author: Jofor Humani

Jofor is a crypto journalist with passion for investigative review of projects with the aim to determine the authenticity of their claims.

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