BUSD Future

[noormcs5]

Recently developments do not favor BUSD, When the founder of the BUSD do not feel comfortable in keeping his money in BUSD, why we people should keep our stable coins in BUSD ?

I was reading a tweet below and thought it was worth sharing. We need to think how market players are fooling the retailers. 

[Zanab247]

I guess people will continue to purchase BTC and Ethereum and hold for better future to maintain the opportunity to earn well in the future because, there is a bold confidence for both BTC and Ethereum investors that the price of BTC and Ethereum will increase higher soon. Many people will continue to prefer Ethereum and BTC than BUSD because, they have tested it in the past and they believed that BUSD cannot give what BTC and Ethereum will give in a long term investment.

[o48o]

Are you talking about binance swapping BUSD Stablecoin to btc, eth and bnb? Or have i missed some news where the founder, that is Charles Cascarilla to my knowledge has said about BUSD? Because last i heard he said we will fight the issue in the court.

But i think that this issue could move to the future as at the moment regulators have their hands full when there seems to be ironically real banks falling in US more then crypto exchanges.

[jacafbiz]

I think this post is a response to CZ saying he is converting Binance's $1 billion reserve to BTC, ETH, and BNB. This is a rhetorical response and should not be taken as he not having trust in BUSD. I don't think BUSD is the problem, it is a PASO problem and has other products too that are a big concern for them like PASOGold. This is part of the circle that FUD will continue to flow around and people need to be careful on who to take serious now because I have a feeling that at the end of the day BUSD will be fine, provided USDC and especially if Tether USDT is fine

[FatFork]

Recently developments do not favor BUSD, When the founder of the BUSD do not feel comfortable in keeping his money in BUSD, why we people should keep our stable coins in BUSD ?

CZ is not the sole founder of the BUSD. BUSD stablecoin was launched in partnership by two companies - Binance and Paxos. Therefore, it wouldn't be accurate to attribute the founding of BUSD to a single individual.

On February 13, the Paxos CEO and Co-Founder of BUSD, Charles Cascarilla, released a statement concerning the future of the cryptocurrency:

BUSD will remain fully supported by Paxos and redeemable to onboarded customers through at least February 2024. New and existing Paxos customers will be able to redeem their funds in US dollars or convert their BUSD tokens to Pax Dollar (USDP), a regulated US dollar-backed stablecoin also issued by Paxos Trust.

The complete statement can be found here: https://paxos.com/2023/02/13/paxos-will-halt-minting-new-busd-tokens/

[Scripture]

This is the current issue with BUSD, there’s a lot of fud and rumors about it, you might be in trouble if you just ignore this one. To be safe, Bitcoin and top altcoins are more ok to deal with right now because there’s a lot of issues going on with the stablecoins, though if BUSD drops most probably Binance itself will also be affected and this might be the start of another panic in the market.

[Psynthax]

well I guess for the sake of our investments it's just better converting from stablecoin to btc and ethereum even though if these stablecoin are collapsing it might be highly harmful towards cryptocurrency market in general.
imagine stablecoin collapsing one by one it's gonna be disastrous hopefully that's not gonna be happening but of course prevention is needed for all of us here right now.

[AmoreJaz]

well I guess for the sake of our investments it's just better converting from stablecoin to btc and ethereum even though if these stablecoin are collapsing it might be highly harmful towards cryptocurrency market in general.
imagine stablecoin collapsing one by one it's gonna be disastrous hopefully that's not gonna be happening but of course prevention is needed for all of us here right now.

stablecoin is hard to trust these days as the company who is behind this can easily submit bankruptcy without the knowledge of its holders. they will only learn after they see it in the market slowly going down. centralised in nature so in all honesty, their future depends on the company running it. and certainly, you won't know the plans of the company up until it is already out. but usually, it is already too late for the regular holders.
now, when it comes to BUSD, you will indeed question the move of binance converting $1B of BUSD to native crypto such as btc, eth and bnb. as a holder, better convert your BUSD to BTC before it is too late.

[lobo13hf]

I think i will still put my trust in BUSD, after all binance has been disclosing their reserve for if things goes south, certainly BUSD should be their concern if anything happening, meanwhile people are free to make their decision, because if even BUSD with their disclosed reserve are considered untrusted, what's gonna be happening to the other stablecoin they certainly will also lose trust of many. but indeed, binance move is like fudding for their own coin, ridiculous.

[Desmong]

This look like another fud but I will not be afraid of keep my money in busd not because it belong to cz but because it has a great team. Busd and bnb are great coin we should always be prepared to hold because the price of Bitcoin finally rise we are going to see great increase in bnb. Busd is a stable coin and I will not be afraid to hold.

[GreatArkansas]

This look like another fud but I will not be afraid of keep my money in busd not because it belong to cz but because it has a great team. Busd and bnb are great coin we should always be prepared to hold because the price of Bitcoin finally rise we are going to see great increase in bnb. Busd is a stable coin and I will not be afraid to hold.

FUD is more likely. But the tweets seem right, they basically exchange the BUSD for Ethereum or Bitcoin or BNB.
But doesn't mean that they will start not to support BUSD anymore. BUSD still got a high market cap right now and a lot of volume too. And even Binance is still supporting Binance and I believe it's still their major stablecoin right now.

I agree with you that if you want to be safe, you can just easily convert your BUSD to other stablecoins or much better to Bitcoin then you don't need to worry anymore.

[OcTradism]

Recently developments do not favor BUSD, When the founder of the BUSD do not feel comfortable in keeping his money in BUSD, why we people should keep our stable coins in BUSD ?

I was reading a tweet below and thought it was worth sharing. We need to think how market players are fooling the retailers. 

Before the fud attack against stable coins and more transparency is provided by stable coin companies, I smell high risk if we store our money in stable coins. Not all of them are bad or will die but we don't know what stable coins are good and healthy as well as what stable coins are unhealthy and have risk to be collapsed.

Meanwhile, Bitcoin is your best choice.

Ethereum is good as it is a strongest altcoin but after a switch to Proof of Stake and becomes a more centralized network, I am really hesitating to pick ETH.

BNB is likely my third choice but as said they are centralized too and Binance is a most favorite aim of fud and regulation attacks.

Bitcoin is best and safest coin.

[passwordnow]

If you're a typical day trader then you want to take its benefits from having your fund on their exchange through BUSD. But with the series of depegging that has happened with other stablecoins, it's good to be aware of anything possible to happen.
In my perspective, if you're keeping your fund mostly in BUSD and you've got a reason for that then you just have to make sure that you can get out of the kitchen ASAP when you feel the heat is starting to burn the entire area. If you get what I mean, that has something to do being diligent in every situation that's happening in the crypto market and not just only with this concern against Binance/Paxos/BUSD.

[tvplus006]

Are you talking about binance swapping BUSD Stablecoin to btc, eth and bnb? Or have i missed some news where the founder, that is Charles Cascarilla to my knowledge has said about BUSD?..

CEO Changpeng Zhao tweeted that with the “Given the changes in stable coins and banks, Binance will convert the remaining of the $1 billion Industry Recovery Initiative funds from BUSD to native crypto, including BTC, BNB and ETH" - https://twitter.com/cz_binance/status/1635131601884700674. If Binance converts its BUSD into crypto, then we should do the same.

[yazher]

well I guess for the sake of our investments it's just better converting from stablecoin to btc and ethereum even though if these stablecoin are collapsing it might be highly harmful towards cryptocurrency market in general.
imagine stablecoin collapsing one by one it's gonna be disastrous hopefully that's not gonna be happening but of course prevention is needed for all of us here right now.

It's always better to convert it to bitcoins and to move as soon as possible is greatly recommended because these FUDs nowadays can really sink a huge ship no matter how hard they will defend their company if a huge number of users will withdraw their crypto assets from their exchanges that would be a huge problem for them. It could be also worse for Binance when they gonna just let it be their reason for not fixing this issue and not giving their investors hope and concrete development to shut down these rumors.

[danherbias07]

I'd do the same if I still have BUSD in my storage.
It's not like it will grow there, buying Bitcoin, Ethereum, and BNB would be the best choice especially when you consider a bull run might happen anytime soon. If it's CZ who is selling I guess there's a purpose for it. The circulation must happen to keep the market healthy and not just because he is ditching it.
Anyway, for me, stablecoins had never been a good investment unless you have loads of capital to make it profitable in trading.

[samcrypto]

I'd do the same if I still have BUSD in my storage.
It's not like it will grow there, buying Bitcoin, Ethereum, and BNB would be the best choice especially when you consider a bull run might happen anytime soon. If it's CZ who is selling I guess there's a purpose for it. The circulation must happen to keep the market healthy and not just because he is ditching it.
Anyway, for me, stablecoins had never been a good investment unless you have loads of capital to make it profitable in trading.

Stablecoins should not be treated as an investment because its created for a different purpose.
If you are looking for profit then you have to trade it to Bitcoin or other altcoins where the price moves up and down. The future might be at risk with Stablecoins but I believe they can survive on this, this is just a temporary set-back, we will see a stronger stablecoins in the future but then again, have a better plan with your investments and maximize using those stablecoins.

[Yogee]

People would sell their bitcoin for stable coin in the past so they could save themselves from the price dumping on a bear market. Now they are running away and buying BTC so they could save their money from regulators attacking these stable coins. How the tables have turned hehe. You may as well follow what the big boys are doing and avoid BUSD until there's a new company that would take over the minting.

Any significant news on USDT lately? I think they've been quiet ever since the BUSD and USDC issues surfaced.

[Mozzart]

There has been a lot of criticism towards binance and its products lately.Personally I like busd and I use it systematically and trust it until I see signals to be wary of this asset since the exchange is doing pretty well.I'm sure it's not worth worrying about.

[SUPERSAIAN]

Recently, no stable coin has started to seem reliable. Rumors fear rumors are constantly going on stablecoins. Inevitably, there is a feeling that they will be controlled more and cause a problem. USD C rocked after banking events. Stable coins in the market are always very sensitive, so you have to be careful. Nowadays, everyone has started to exchange their stabil coin assets, there is a difference in being a little calmer.