Changpeng “CZ” Zhao, the co-founder of Binance, has made a bold prediction regarding Bitcoin’s future price. In a recent interview with Rug Radio on May 5, Zhao suggested that Bitcoin could see a significant surge, with its price potentially reaching anywhere from $500,000 to $1 million in the current market cycle.
Zhao’s forecast is largely based on the increasing institutional interest in digital assets, particularly Bitcoin. He pointed out the growing adoption of Bitcoin spot exchange-traded funds (ETFs) as a major catalyst for the cryptocurrency’s upward trajectory. According to Zhao, the rise of ETFs is bringing traditional institutional money into the crypto space, significantly boosting Bitcoin’s value.
“There’s the ETFs. There’s this institutionalization of Bitcoin […] it’s a positive in terms of price action, obviously,” Zhao commented during the interview. He emphasized that while altcoins haven’t experienced the same growth, Bitcoin is clearly benefiting from the shift.
Further supporting his prediction, Zhao highlighted the role of government involvement in Bitcoin. He noted that several countries are now adding Bitcoin to their reserves, including El Salvador, which has been purchasing additional Bitcoin since its historic decision to adopt the cryptocurrency as legal tender. As of April, the country holds around 6,170 BTC, worth approximately $580 million.
Zhao also addressed the U.S. government’s changing stance on cryptocurrency, noting that under former President Trump, the U.S. made a significant pivot towards supporting the crypto industry. He believes that other nations will likely follow suit, viewing Bitcoin as a smart investment choice.
While Zhao acknowledged the substantial potential for Bitcoin, he also suggested that retail investors had ample opportunity over the past 15 years to get involved, implying that missed chances were a personal choice. He touched on other emerging technologies, such as AI and decentralized science, expressing optimism for their potential, while dismissing the value of most meme-coins.
At the time of publication, Bitcoin is trading at $95,073, marking a slight dip of 0.44% on the day but reflecting a 19% increase over the past month, according to CoinMarketCap.
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