The founder of Binance reveals the reason for the price of BNB reaching 1000 USD
Changpeng Zhao (CZ), the founder and former CEO of the Binance cryptocurrency exchange, revealed the reasons for the rise in BNB's price.
Changpeng Zhao (CZ), the founder of Binance, commented on the rise in the price of BNB after it surpassed 1000 USD.
While Zhao stated that there is no definitive reason, he provided a comprehensive list of factors influencing this increase.
Zhao pointed out that the new pro-crypto administration in the United States, in particular, has had a positive impact on global markets, stating: "The impact of this stance has not been limited to the United States, but has included many countries. The rising tide lifts all boats."
Zhao also highlighted the technical advancements in the BNB chain, noting that the chain reached peak transaction volume thanks to reducing block time from 3 seconds to 0.75 seconds, increasing capacity, and decreasing transaction fees by tenfold. He also mentioned that the USD1 stablecoin issued by the Global Financing Foundation (WLF) has injected new momentum into the ecosystem.
Zhao stated that the gap created by BUSD, which was filled by NYDFS last year, was filled with USD1, increasing the liquidity of the stablecoin. He also noted the launch of hundreds of AI projects and RWA (real-world asset) assets on the BNB chain.
In addition to developments in the ecosystem, Zhao also pointed to factors such as the SEC's withdrawal of its lawsuit against Binance and CZ, significant venture capital investments, and the success of projects like PancakeSwap and Lyst. He also noted that $1.6 billion in tokens had been spent on Binance Coin (BNB) in the last quarter.
CZ said he is just a "mascot, or rather, a member of the community" in this process, adding that there are many factors contributing to price increases and that the ecosystem will grow further.
