Binance CEO Changpeng Zhao explained the reasons why the exchange-listed Shiba Inu. For his part, Morgan Creek CEO Mark Yusko said that Bitcoin will be able to reach USD 250,000.
In recent days, the Binance platform listed Shiba Inu (SHIB), the cryptocurrency that seeks to compete with Dogecoin. Speculation within the crypto community increased due to the exchange’s apparent endorsement for the crypto asset.
Despite its listing, Changpeng Zhao clarified the reasons why Binance does not endorse Shiba Inu. The executive said that many users have demanded it causing a shortage of addresses. He said that they do not endorse this ERC20 coin as they consider it too risky.
Technology like blockchain, which is transparent and open to all, contributes to the emergence of various projects. In that sense, cryptocurrencies with a remarkable history such as Bitcoin, Ethereum, and Binance Coin coexist with less serious crypto assets such as Dogecoin (DOGE) and Shiba Inu.
This situation does not prevent these joke cryptocurrencies from attracting users of the crypto community. During the last few months, Dogecoin has been in the news due to the impressive increase in its demand and its price. Shiba Inu has undergone a similar process although there is no technological project that supports its value.
The CEO of Binance makes it clear that he does not endorse Shiba Inu, a cryptocurrency that he considers a speculative product. Despite this, the requests of many of its users led him to allow transactions with it on the exchange platform.
Mark Yusko Believes that Bitcoin Could Reach the Moon in the Next 5 Years
Morgan Creek Capital Management CEO Mark Yusko spoke to CNBC about Bitcoin. The executive predicted that Bitcoin will be able to reach USD 250,000 in the next five years.
In the interview, Yusko compared the rapid adoption of Bitcoin to the growth of the FAANG companies (Facebook, Apple, Amazon, Netflix, and Google).
Yusko believes that the adoption of Bitcoin and the increased usage of the network are elements that many crypto analysts overlook. The executive stated that the key is much more complex than its mere value.
Taking this into account, Mark Yusko said that Bitcoin has what it takes to hit USD 250,000 in that period. He bases that target on the equivalency of the pioneering cryptocurrency to gold.
“If the monetary value of gold is USD 4 trillion, then digital gold should move up to that total. That sum puts the price [of Bitcoin] at a quarter of USD 1 million per unit, ”Yusko explained. In other words, the CEO of Morgan Creek believes that Bitcoin will rival the precious metal for its “monetary value.”
Furthermore, Yusko believes that some cryptocurrencies will disappear as they are useless to the world, unlike Bitcoin. For that reason, he explains that “there is room for a couple of [useful] protocols to survive.” However, he thinks that thousands of [“really useless”] cryptocurrencies like Doge, which “have no underlying value or use case,” will disappear.
In the case of Bitcoin, the first cryptocurrency has faced difficulties despite bullish forecasts. Although its price has risen by 98% in 2021 alone, its performance in the last month was only 2%. Despite this, it is only a matter of time for the crypto asset to reach and even exceed its previous all-time highs.
By Willmen Blanco
