Binance Coin Surges Above $270 And CZ Reacts To Musk's DOGE Promo

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As Binance Coin is shattering records and surged 43% higher, CEO Changpeng Zhao, known as CZ in the cryptosphere, was interviewed by Bloomberg a few hours ago.

Binance Coin has now overtaken both Cardano and Polkadot and sits on the fourth place in CoinMarketCap’s top 10. Currently, the Binance Coin price is trading around $258 and reached $276 a couple of hours ago.

The main reason BNB is surging, is the popularity of the Binance exchange (traders are stimulated to hold BNB) and the success of PancakeSwap on the Binance Smart Chain (BSC). BSC is directly competing with other DeFi platforms, and allows transactions with extremely low fees in comparison to Ethereum. The high gas fees of Ethereum is holding the platform back and people are looking for alternatives.

• Trade BNB on Binance (including a 20% lifetime discount).

Gung-Ho

Changpeng Zhao, who’s highly respected in the cryptosphere by his peers (even Cardano founder Charles Hoskinson gave him compliments for the way he’s built Binance, during a recent AMA) was asked by Bloomberg about Tesla’s Bitcoin investment and also referred to Elon Musk’s Dogecoin fangirling.

#BNB not only made ATHs in fiat terms, it just reached ATH again #BTC. From a humble 0.00001 BTC per BNB, we have grown 480x against BTC in the last 3 and half years. Many thanks to our community, team, and @BinanceAngels. 🙏🙏🙏 pic.twitter.com/P5oJrNus6J

— CZ 🔶 Binance (@cz_binance) February 19, 2021

CZ said:

I’m surprised that Elon’s so gung-ho on Doge coin, b**ut I think this is the free decentralized world right, anybody can like anything. He can like Dogecoin for any reason he likes and I strongly believe that he’s not really associated with Dogecoin.

“I’m surprised that Elon’s so gung-ho on Doge coin,” says Changpeng Zhao, CEO of Binance, world’s largest #cryptocurrency exchange by volume, which launched futures for $DOGE. But he notes that @elonmusk’s Tesla bet $1.5 billion on #Bitcoin, not Dogecoin https://t.co/POz36hPpC9 pic.twitter.com/oxjI9U0SQa

— Bloomberg (@business) February 19, 2021

Gung-ho is an English term derived from Chinese, with means overly enthusiastic. It was highly popular in the ’80s and ’90s, when Ron Howard made a movie with the same name.

Negative interest

Musk reacted to the segment via Twitter, stating:

Tesla’s action is not directly reflective of my opinion. Having some Bitcoin, which is simply a less dumb form of liquidity than cash, is adventurous enough for an S&P500 company.

To be clear, I am not an investor, I am an engineer. I don’t even own any publicly traded stock besides Tesla. However, when fiat currency has negative real interest, only a fool wouldn’t look elsewhere.

As such, Musk explains that Tesla invested in Bitcoin for the same reason Paul Tudor Jones, the famous hedge fund manager, already did a year ago: as a hedge against inflation.

If the Biden Administration indeed gets their planned stimulus program through the US congress, the Federal Reserve will once again have to turn on the money printers and we can only guess how high Bitcoin will go then.

To be clear, I am not an investor, I am an engineer. I don’t even own any publicly traded stock besides Tesla.

However, when fiat currency has negative real interest, only a fool wouldn’t look elsewhere.

Bitcoin is almost as bs as fiat money. The key word is “almost”.

— Elon Musk (@elonmusk) February 19, 2021

At the time of writing, Dogecoin meanwhile was trading 8% higher, still refusing to go under $0,050.