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Kyle Samani of Multicoin Capital this week presented a thorough badysis and valuation of Binance Coin (BNB). In fact, the report was so detailed that Binance CEO Changpeng Zhao called it "almost scary". Once, he would have had time to read it correctly.
Spoiler: the capital of several members lasts a long time $ BNB
The conclusion of the report is that $ BNB 00 is underestimated, so you can stop reading now and just buy it …
I mean, duh. CZ was not going to make any appreciative comments on the report if it concluded that $ BNB was not worth the paper (virtual) on which it was printed. But the interesting aspect is his suggestion that the level of detail was "almost scary".
I have grossly underestimated how detailed this report was $ BNB and @ binance. Almost scary. Is really worth reading. Also available in 4 languages, English, 中文 ,, 日本語! Thanks to @SpencerApples @TusharJain_ @KyleSamani @multicoincap ??? https://t.co/VPzhUaV403
– CZ Binance (@cz_binance) February 23, 2019
The suggestion here, of course, is that the details were very accurate. Or, included elements that CZ had not thought of but which now intend to implement. For a company that, insists the CEO, does not plan any long-term project, so it could give a rare glimpse of future direction.
Utility Tokens … or Titles?
The current value of BNB tokens comes in part from their utility within the Binance ecosystem. They act as staking tokens, discount tokens and payment tokens, offering several benefits to Binance users who hold them.
In addition, Binance uses 20% of quarterly profits to buy and burn dollars in the NBB, according to a mechanism somewhat similar to the share buyback. Although the token is not a typical societal action, it can be a security, depending on which definition.
But according to Multicoin Capital, undervaluation also lies in its potential within Binance Chain, the company's decentralized exchange platform.
We believe that Binance will be the first for-profit company to be centralized, reach significant size and decentralize to become the first sovereign Internet organization and the largest decentralized autonomous enterprise.
When Binance announced its decentralized exchange, he said that "Binance will no longer be a business but a community".
Multicoin Capital expects this to mean that the value created by Binance DEX will go into BNB dollars, rather than Binance shares.
In the first instance, decentralized exchange will probably weigh on the market share of the centralized offer. However, over a period of years, most transactions can migrate to the DEX platform.
Due to the nature of the exchanges, the natural balance of the markets tends to favor a dominant player, and Binance is well placed to play this role. The biggest risk for society was that a decentralized exchange took off. With the upcoming launch of Binance Chain, this risk is mitigated.
What do you think about Binance currency (BNB)? Share your thoughts below!
Images courtesy of Shutterstock
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