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CZ Binance to Reinvest Company's $1 Bln Cumulative Profit Rejecting Idea of Buying Lambo

  • Yuri Molchan
    📰 News

    The head of Binance, Changpeng Zhao, refuses to buy a Lambo, while announcing $1 bln of cumulative profit and BUSD now being accepted for tax payments

CZ Binance to Reinvest Company's $1 Bln Cumulative Profit Rejecting Idea of Buying Lambo
Cover image via www.youtub
Contents

A recent tweet of Anthony Pompliano comments on CZ’s announcement that Binance has made $1 bln in cumulative profit since its launch within less than three years.

CZ Binance responded that almost all the profits will be reinvested, even though one fan suggested CZ should get himself a Lambo that many crypto enthusiasts dream of purchasing when the Bitcoin price goes to the moon.

CZ Binance Lambo
Image by Twitter

One Twitter user made a joke, saying CZ is waiting to buy a Tesla as soon as Elon Musk starts accepting BNB or Bitcoin.

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Binance’s stablecoin now accepted in Bermuda as a tax payment

On October 17, when sharing the milestones Binance had achieved within the last 24 hours, the CZ of Binance mentioned the listing of the BNB/BUSD pair on Binance DEX and another scheduled token burn in which 2,061,888 BNB was eliminated (around $36 mln).

He also stated that the government of the Islands of Bermuda now accepts Binance’s stablecoin BUSD for paying taxes.

Curiously, Tron’s CEO, Justin Sun, has also recently visited Bermuda and met its premier David Burt.

Bermuda is one of the world’s hubs that provides attractive operating conditions for crypto and fintech startups. If there is any particular plan of Tron's expansion to Bermuda or collaboration with its government, Sun has not made it public yet. Although, he did promise to make a big announcement at the end of October.

Binance succeeds in recently launched BTC futures trading

As reported by U.Today previously, Binance has surprised the industry by a trading volume of $700 mln in one day.

Previously, about a week ago, the same platform traded $134 mln within one hour. Overall, Binance was acknowledged as the world’s biggest exchange by trading volumes for a long while already.

 

What is your take on Binance's fast expansion in the crypto industry? Feel free to share it in the comments section below!

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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Bitcoin's Parabolic Uptrend Remains Intact Despite Price Collapse: Tuur Demeester

  • Alex Dovbnya
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    Tuur Demeester wants you to buy the dip as Bitcoin touches the support of its parabolic uptrend for the first time since March

Bitcoin's Parabolic Uptrend Remains Intact Despite Price Collapse: Tuur Demeester
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Tuur Demeester of Adamant Capital has just taken to Twitter to calm down Bitcoin enthusiasts who might have been swayed by incredibly bearish sentiment on crypto Twitter. 

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Bitcoin recently dropped to $6,800, its lowest level since early May. However, Demeester apparently sees this as yet another opportunity to buy the dip. He states that top coin's parabolic uptrend that started at the beginning of 2015 hasn't been violated. However, Bitcoin has tapped support for the first time since March when Bitcoin was trading well below $4,000. 

Shortly after printing a huge red candle on the logarithmic chart, the Bitcoin price spiked by 20 percent on Apr. 2, which started the coin's massive run to $13,700. 

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As of now, BTC is down by nearly 50 percent from its yearly high, but this might not be the end of the nightmare for Bitcoin bulls. According to trading exert Josh Rager, the crypto king could plunge below the $7,000 level again after a fakeout to the $7,500 range. 

Gold bug Peter Schiff recently predicted that BTC could collapse to $10,000 level after competing the head-and-shoulders pattern.  

At the time of writing, BTC is sitting $7,313, CoinStats data shows. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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