Decided you want to join the action? For US investors, you can buy Binance Coin (BNB) on Binance or Binance.US.
Binance launched as a small cryptocurrency exchange in 2017. Over the past few years, it has grown to become the largest exchange with a significant increase in trading volume. In addition, we have created several sub-projects under the name of Binance, such as Binance Smart Chain (BSC), Binance Coin (BNB), Trust Wallet and Binance Academy. Binance has quickly grown to become one of the major players in the cryptocurrency space. However, many are wondering if this growth is sustainable and trying to understand the potential impact on the future price of the BNB token.
What is Binance Coin (BNB)?
BNB tokens are used to power the Binance exchange. Tokens are used for various functions of the exchange, such as transaction fees, swaps, loans, payments, and travel arrangements. The token itself was first listed on the Ethereum network in July 2017. However, the token was eventually moved to Binance Chain.
Binance uses coin burn for price stability. Every quarter, Binance will use one-fifth of its profits to buy back tokens, burn them, or remove them from circulation. You can increase the price by buying back tokens. Additionally, Binance’s growth as a company roughly correlates with the price of BNB, as Binance uses its profits to buy back its tokens. BNB also has myriad uses in the BSC network, which serves as a major hub for decentralized finance (DeFi) platforms. BNB can be used to pay transaction fees on the network, as well as bet interest and be exchanged for other tokens on BSC.
Binance Coin (BNB) Market Position
In early 2023, BNB will trade at around $250, with a market capitalization of around $40 billion. The token’s all-time high price was just over $690 in May 2021. The all-time market capitalization just surpassed $105 billion in November 2021.
David Cox’s Bullish Long-Term Binance Coin (BNB) Price Prediction
David Cox is a Finance and Crypto Writer at CryptoNewsZ. He believes the high trading volume on Binance and the burn process is a good foundation for his Binance future. Cox is also a fan of Binance’s Launchpad program, where users can use their BNB tokens to invest in initial coin offerings (ICOs) through the platform.
Cox sees a lot of demand drivers for BNB and solid business practices that keep the token’s price stable and possibly higher.
Arslan Ali’s Bearish Long-Term Binance Coin (BNB) Price Prediction
Arslan Ali is a technical crypto and forex writer at Business2Community. He has had some issues with the company and is bearish about the future of BNB.
In 2019, Binance invested in another cryptocurrency trading platform, FTX, which fell through towards the end of 2022. The situation has led to rumors that Binance may face money laundering charges, but there is still no decision from the US Department of Justice. Finally, the U.S. Securities and Exchange Commission (SEC) is investigating Binance for his BNB ICO in 2017.
Binance Coin (BNB) Price Prediction in the 2020s
In the last few years, online financial gurus have started using artificial intelligence (AI) to generate 10+ year cryptocurrency predictions. These projections should be considered broadly, but they can show a range of possible outcomes or what the general market consensus looks like.
2023 Binance Coin (BNB) Price Prediction
By the end of 2023, WalletInvestor.com predicts a price of around $450, while PricePrediction.net is a bit more bearish, predicting a potential low of $44. The discordance between these two predictions indicates confidence.
2024 Binance Coin (BNB) Price Prediction
Changelly puts the average BNB estimate at $554 in 2024, while CryptoNewsZ predicts that the token will trade between $420 and $550 in 2024.
2025 Binance Coin (BNB) Price Prediction
In 2025, PricePrediction.net sees BNB price fluctuate around $380 and WalletInvestor sees a high of around $475.
2026 Binance Coin (BNB) Price Prediction
Both WalletInvestor and TradingBeast predict that BNB will rise in 2026, reaching $462 and $522 respectively.
2027 Binance Coin (BNB) Price Prediction
Changelly sees BNB prices skyrocketing to an average price of $1,650 in 2027, while Trading Education is even more bullish, predicting an average price near $5,000.
2030 Binance Coin (BNB) Price Prediction
By the end of the decade, PricePrediction.net sets a price forecast of $462, but WalletInvestor is even more bearish, predicting a drop to around $80. As you can see, these predictions are all over the place and should not be taken for granted.
Where to buy Binance Coin (BNB)
The easiest place to buy Binance Coins is the Binance website or app. If you are in the US, you should use another US division of the exchange, Binance.US. Both exchanges offer direct purchase of his BNB in fiat currency, as well as swaps with a large list of other tokens. Binance is the world’s largest cryptocurrency exchange and known for the safety of user funds.
To get started on Binance, create an account using your email and verify your account with basic documentation. You can then fund your account and start trading.
How long will it take for Binance Coin (BNB) to reach $1,000?
A key price target many BNB investors have is $1,000. Some AI prediction tools predict that the token will eventually reach $1,000, but this increase is unlikely to happen anytime soon. At the moment, BNB’s $1,000 price tag equates to his over $160 billion market capitalization, bigger than big players like Morgan Stanley and Netflix. However, when a burning system is introduced, prices may rise and market capitalization may stagnate or decline.
A more reasonable price target might be $500. This is almost double the current price, but still below the previous high.
A safe place to store Binance Coin (BNB)
Best Hardware Wallet: Ledger
A hardware wallet is a physical device that stores the keys needed to send crypto and is considered the most secure way to store crypto. Ledger offers Nano S and Nano X models. Nano S is a basic hardware wallet with just the features you need. Nano X is easier to use with Bluetooth connectivity and a larger screen. All Ledger wallets support over 1,800 cryptocurrencies including Binance Coin, Bitcoin, Ethereum, Dogecoin, Ripple, and all ERC-20 and BEP-20 tokens.
Best Software Wallet: MetaMas
Software wallets store private keys online and are password protected, so they’re not as secure as hardware wallets, but they’re still secure. MetaMask is the leading software wallet and offers compatibility with numerous blockchains, including BSC. It’s also easy to use via a Google Chrome extension.
bonus section: Beware of Binance’s profit as it will be used for token buybacks and the price may increase.
current crypto price
The crypto market is ubiquitous, with some tokens collapsing due to FTX’s recent bankruptcy issues and others surging.
If you want to see where your favorite token is, check out Benzinga’s regularly updated price list.
So is Binance Coin (BNB) a good investment?
Binance has pros and cons. It is the largest exchange by trading volume and is expanding its presence in the crypto space. On the contrary, it is under investigation by multiple regulatory bodies. The decision to invest in BNB should be based on personal risk tolerance and belief in research findings.
