After the CEO of Binance Holdings, Changpeng Zhao called out Elon Musk's advocacy of lesser known dogecoin, the second richest man in the world said that Tesla's $1.5 billion bitcoin bet is an adventurous enough investment for the company. He went further to say that having some Bitcoin is a less dumb form of liquidity than cash.
Elon Musk took the corporate world and cryptocurrency space by storm when he announced this month that Tesla had put $1.5 billion of cash into Bitcoin which prompted a surge in bitcoin's price and has fueled talks about the risks and benefits of adding cryptocurrencies to corporate balance sheets.
The CEO of Binance, Zhao, said in an interview that he was surprised that Musk was a fan of dogecoin which had outperformed bitcoin this early first quarter of the year. Elon Musk has tweeted multiple times about dogecoin which started as a joke coin in 2013 and dogecoin futures has been added already on Binance platform to satisfy new liquidity demands.
The CEO of Binance, Zhao, wondered why Tesla decided to buy bitcoin if he was a huge fan of dogecoin. This remark prompted Musk who is planning to accept bitcoin as payment to reply that his action is not directly reflective of his option.
Among other factors, the optimism over institutional interest has helped bitcoin surge more than 400% over the past year. As bitcoin tops over $50,000, Binance is taking in new users at its fastest pace ever and has been attracting more than 300,000 new user registrations on a daily basis.
BNB which is Binance's own token has also outperformed bitcoin this early first quarter of the year and Zhao noted that the rise of BNB came with higher risks, comparing it's volatility levels with bitcoin. Binance now powers the decentralized applications on Binance's own blockchain which is called the Binance Smart Chain but we must remember that Binance coin BNB started as a loyalty program incentivizing user trades .
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