Tron’s Justin Sun Calls Binance Coin the New Bitcoin — Is Now the Time to Invest?

Thu, 03/07/2019 - 10:40
Jack Thomas
💥😎💣It is a big statement from Tron’s affable CEO, but is Justin Sun right in calling BNB the next Bitcoin?
Cover image via U.Today

Ever since new blockchains and cryptocurrencies started rubbing shoulders with Bitcoin, there has been a rush to try and find the next big cryptocurrency that investors can get behind and profit off in the same manner.

No coins have really come close to the meteoric rise of Bitcoin, but a lot have been called the next Bitcoin by investors and traders alike. However, another prediction has been made about the potential next Bitcoin, and it has come from another big cryptocurrency.

Tron, the ambitious project of Justin Sun, which sits in the top 10 of cryptocurrencies by market cap, has had its CEO come out in praise of the BNB token, the native token of the Binance exchange.

It is hard to fault the BNB token, which has not only shown its value as a utility token, but also shown its favour as an investable asset as it continues to grow in value and interest. The BNB token is not like many others that have come before it, and this different face may well be the reason it takes off in a similar style as Bitcoin.

High praise

Binance’s own CEO, Changpeng Zhao, took to Twitter to retweet a Forbes article that was talking about how the BNB token was rallying despite a general downturn in the market. That alone shows just how different the BNB token is, in its ability to break the trend of the usually bound cryptocurrency market.

From there, Sun, of Tron, replied and congratulated Zhao, calling BNB the next Bitcoin.

These claims are often taken with a grain of salt based on where they are coming from and their hidden agenda. However, this claim may hold a little more water than ones in the past.

A new asset?

When Bitcoin began rallying and gaining traction, it was because it was an example of how blockchain can function, bringing decentralisation, transparency and immutability, in this case to the financial sector.

It had a good use case at the time that people were interested in it and that caused them to buy it up, forcing the big rally and a massive demand for the token. Nowadays, there are hundreds of coins that are trying to replicate Bitcoin with only slightly different changes.

These coins cannot purport to be the next Bitcoin as they are offering nothing new. However, Binance Coin is unique in its utility as it was designed to be used across the major cryptocurrency exchange. It has massive use, and it is becoming more and more desirable and demanded.

Matching Bitcoin’s rise may well be too much of an ask, but it would not be difficult to imagine BNB increasing substantially over the next year alone, and probably even further as the cryptocurrency market continues to mature.

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About the author

Jack Thomas is a journalist from Australia who has had a long career writing about finance and technology. He has combined his enthusiasm for these two subjects and applied his writing to covering blockchain and cryptocurrencies in the past few years.

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