Binance finishes its 12th quarterly burn of BNB

Crypto exchange Binance has today completed the 12th quarterly burn of its BNB tokens.

Binance has burned $60.5 million worth of BNB in Q2 of 2020, a 15.3% increase from $52.466 million in Q1 of 2020.

The Q2 BNB burn is the largest burn Binance has ever made – both in terms of BNB and USD. Binance has so far burned a total of 23.597 million BNB (an equivalent of $358.5 million) in 12 burn events, which represent about 11.8% of the total supply of 200 million.

Changpeng Zhao, Binance’s CEO, affirmed that thanks to the success of multiple achievements, product rollouts, and initiatives throughout the second quarter of 2020 his company was able to burn such a vast number of tokens.

Zhao stated:

One of the favorite questions people ask me is, “What is the future price of BNB?” And I have said before, I don’t have a crystal ball. Our success didn’t come from being able to see the future. We got to where we are today because of our team’s hard work.

If I must, I see the short-term future to be highly volatile. Massive amounts of wealth are taken away from people and redistributed to a few selected groups by quantitative easing. Given the amount of printing for fiat, fiat currencies around the world will devalue against most hard assets. And for cryptocurrencies with limited supply, your guess is as good as mine as to what will happen to their adoption and price.

Binance Coin (BNB), currently ranked #10 by market cap, is down 1.2% over the past 24 hours. BNB has a market cap of $2.646B with a 24 hour volume of $152.2M.

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