Binance’s CZ Wants Entrepreneurs To Create Coins. Does His Argument Make Sense?

Enter Changpeng Zhao AKA CZ. The debate around Web3 that Jack Dorsey started keeps raging on. Crypto Twitter is burning with hot takes and killer responses. And it’s time for Binance’s CEO to enter the ring. He does it in a roundabout way, by defending the idea of entrepreneurs creating new coins. In fact, one could argue that he’s not talking about the subject Dorsey brought up. However, the issuance of coins is a crucial part of Web3. And then, there’s the title. The “One Coin to Rule Them All? Or Millions of Coins?” article clearly goes to the root of the debate. Is Bitcoin the chosen one or are we going to live in a multi-blockchain environment? Obviously, CZ is biased towards millions of coins. His Binance empire depends on trading; and the more coins there are, the more transactions. But that’s beside the point, the real question is, can CZ make the case for coin creation? Let’s see what the man has to say. CZ Uses BNB As An Example Right from the gate, CZ “If you look at BNB, it raised $15m USD equivalent in bitcoin at the ICO, while that is a fantastic raise for a project at such an early stage, today, the total market cap of BNB is $90 billion USD, about 3000x.” Whatever camp you’re on, the facts are the facts. CZ and his team created one of the most successful cryptocurrencies of the last few years with BNB. However, that coin is a very special case. They created it to be the native coin of the Binance ecosystem. Bin...