Following Warren Buffett’s most recent interview with CNBC’s Becky Quick, where he talked about blockchain’s importance and Bitcoin lacking inherent value, Changpeng Zhao aka CZ, the CEO of the leading cryptocurrency exchange Binance has recently just implied that the native coin of Binance exchange [BNB] has the potential to dominate the financial world as opposed to Bitcoin and as such Buffet should give it a chance.
While this was not a direct statement, it can be seen that a Twitter user had replied to a post on Buffett’s recent interview where he spoke about how Blockchain is important as it has no dependence on Bitcoin, while he went further to explain that people’s perception of cryptocurrencies, Bitcoin inclusive, is nothing more than a “delusion”. The Twitter user under the moniker ‘Wei’ then replied saying “Warren and his team should take a look at Binance”, after which CZ retweeted.
Buffett who had previously referred to Bitcoin as a “rat poisoned square” had in the interview said ;
“People get their hopes up that something like that is going to change their lives, and it’s a very ingenious thing to figure out how to have a limited supply and make it harder and more expensive to create them as you go along and all that sort of thing but it doesn’t, the function … blockchain does not depend on [bitcoin].”
He further stressed the stagnant nature of Bitcoin, saying ;
“It’s ingenious and blockchain is important but bitcoin has no unique value at all,” “It doesn’t produce anything, you can stare at it all day and no little bitcoins come out or anything like that.”
Seeing that Buffett had tied Bitcoin’s devaluation to factors such as limited supply, inability to produce and expensive to create, it can be deduced that CZ’s plea for Buffett to give BNB a try could mean that the CEO believes the BNB structure is less expensive, more flexible and has no limited supply of coins in circulation.
While most people would rather not interpret CZ’s response to mean that BNB is better or even anywhere near Bitcoin, we must credit the value that the BNB coin has been able to amass within this past few months.