Changpeng Zhao, Binance’s co-founder, forecasts Bitcoin reaching between $500,000 and $1 million driven by institutional investments and the rise of Bitcoin ETFs. He highlights government investments like El Salvador’s, advocates for changing U.S. crypto policies, and urges retail investors to seize their opportunities. Currently, Bitcoin is trading at around $95,073, having gained 19% over the last month.
Changpeng “CZ” Zhao, the co-founder of Binance, stirred the pot lately with some bold predictions about Bitcoin’s price trajectory. In a recent Rug Radio interview that popped up on YouTube on May 5, he suggested that the cryptocurrency could soar to between $500,000 and $1 million in this current market cycle. This optimistic outlook stems from the increasing institutional interest in digital assets, especially with Bitcoin spot exchange-traded funds (ETFs) gaining traction.
CZ highlighted the significance of ETFs in bringing traditional capital into the crypto space, noting that much of the financial muscle in the U.S. is institutional. He remarked, “Bitcoin is going up because most of the ETFs are Bitcoin-based,” pointing out that the current price action has been favourable despite alt-coins lagging behind.
Additionally, Zhao observed that several governments are starting to invest in Bitcoin, citing El Salvador as a key player. The nation, which made headlines as the first to adopt Bitcoin as legal tender, recently added another 7 BTC to its reserves, totaling approximately 6,170 BTC worth about $580 million. This example showcases how some countries are beginning to adopt Bitcoin as a serious asset.
On top of all that, Zhao commented on shifts in U.S. policy towards cryptocurrencies. He posited that the landscape took a positive turn under President Trump, suggesting that this could lead other nations to view Bitcoin as a wise investment. His belief is that such government-level adoption is likely to drive sentiment and, consequently, prices higher.
Zhao wasn’t shy about emphasizing that retail investors have had their chance to get in on Bitcoin, stating they had “15 years to buy” and any missed opportunity is on them. While he also discussed other areas, like artificial intelligence, meme-coins, and decentralized science, it was clear he sees potential in AI and scientific projects, while not particularly optimistic about the future of many meme-coins.
As of now, Bitcoin is trading around $95,073, showing a minor drop of 0.44% today. However, it’s worth noting that the cryptocurrency has seen a robust uptick of 19% over the past month, as reported by CoinMarketCap. It’ll be interesting to see how these predictions from CZ play out in the ever-volatile market.
