Changpeng "CZ" Zhao, founder and former CEO of Binance, has projected that Bitcoin could reach between $500,000 and $1 million in the current market cycle. He attributes this potential surge to factors such as institutional adoption, government purchases, and a supportive U.S. policy toward cryptocurrencies. Zhao made these comments during an interview.
"I expect Bitcoin to reach up to one million dollars during this market cycle," said Zhao, according to YouTube. "There's the ETFs. There's this institutionalization of Bitcoin it's a positive in terms of price action, obviously. Bitcoin is going up because most of the ETFs are Bitcoin-based. The US has pivoted 180 degrees under a pro-crypto president."
According to Cointelegraph, Zhao emphasized the significant impact that institutional adoption could have on Bitcoin's price. He pointed to the launch of spot Bitcoin Exchange-Traded Funds (ETFs), government-level accumulation of Bitcoin, and favorable U.S. policies as key drivers behind his optimistic outlook. This perspective aligns with a broader sentiment within the cryptocurrency community that current trends may lead Bitcoin to new heights.
As reported by FXStreet, Zhao mentioned that institutional adoption is being fueled by spot ETFs, which he views as a catalyst for Bitcoin's upward movement due to increased inflows from traditional financial entities. He highlighted rising demand from ETF vehicles and individual U.S. state treasuries accumulating Bitcoin as signs of strong institutional momentum. This trend reinforces his belief that institutional structures are altering Bitcoin’s supply-demand dynamics in this cycle.
According to TradingView's summary of a ZyCrypto report, Zhao remarked on Farokh Radio about the possibility of Bitcoin reaching $500,000 to $1 million, stating that it is "absolutely possible." He noted that institutions are now involved, governments are engaging in discussions, and the macroeconomic environment is shifting. Additionally, he commented on U.S. policy changes under what he described as a pro-crypto president.
Forbes reports that Changpeng Zhao is recognized for his entrepreneurial spirit and vision in building Binance into the world's largest cryptocurrency exchange by trading volume since its inception in 2017. His leadership has been credited with promoting financial inclusion globally and advocating for responsible industry practices.