Kevin O'LearyFormer FTX Paid Ambassador, claims BNB, the native token of the Binance ecosystem, and FTX's FTT are worthless. In an interview on Yahoo Finance, Kevin explained that BNB was not worth the value that is attached to it. He said that โthe only reason to own BNB is to get a discount on trading fees,โ the media personality said.
He further added that the intrinsic value of BNB is zero as holders do not own any part of the capital of the company by owning BNB. โIt doesn't give you access to the capital of the company,โ he noted, and when it comes to the top BNB holders, Kevin claimed that 97% of BNB is owned by two wallets.
The Crypto Investor voiced Their fears state that no one knows who owns the wallet and no one can know if Binance can pay cash to one of the wallet owners if they try to liquidate the wallet.
Kevin said that the use of guardrails and the heavy hand of regulation as the recent The US ban on participation is needed to preserve the industry and investors' money. Otherwise, he added, several more projects will continue to be exposed and crash again and again.
The BNB ecosystem
Binance launched BNB (Build and Build) in July 2017 as its native token, but on the Ethereum blockchain. In 2019 and 2020, Binance Chain and Binance Smart Chain were launched respectively, leading to the migration of BNB from Ethereum to Binance Smart Chain in 2020.
By the end of 2022, Binance Chain and Binance Smart Chain had become BNB Chain with thousands of integrated crypto projects, from DeFi to GameFi, SocialFi projects and more. In 2022, BNB Chain overtook Ethereum as the chain with the most unique addresses โ 260 million.
BNB has sustained a market capitalization exceeding $32 billion in the last twelve months. Due to the number of projects being built on the BNB Chain, major global companies like Google Cloud, AWS, and Opera Crypto. BNB has maintained an average TVL of approximately $9 billion During the past year. TVL is the total value enclosed in a string per time. It is one of the indices used to detect the health of a blockchain.
BNB is the native token of the BNB Chain ecosystem that allows users of the Binance Exchange to access discounted trading fees. Users can also pay for goods and services using BNB on Binance pay and other connected platforms. Holders can also stake BNB to receive interest on their assets.
Considering the use case for BNB across the Binance ecosystem, one wonders if Kevin O'Leary's position on BNB is factual considering his previous comments on Binance since the FTX crash. What do you think?
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