Binance co-founder Changpeng “CZ” Zhao said Bitcoin price could surge to between $500,000 and $1 million in the current market cycle.
During a Rug Radio interview published on YouTube on May 5, CZ made his prediction based on how the government and institutions have started taking an interest in digital assets and also the adoption of Bitcoin spot exchange-traded funds (ETFs).
“There’s the ETFs. There’s this institutionalization of Bitcoin […] it’s a positive in terms of price action, obviously. Our bags are up — not the alt-coins as much, but at least Bitcoin is,” Zhao said.
He said ETFs are bringing traditional money into crypto and that most of the money in the U.S. is institutional. “Bitcoin is going up because most of the ETFs are Bitcoin-based,”
Zhao continued that several governments are now buying Bitcoin. In April, El Salvador, the first country to adopt Bitcoin as legal tender, bought 7 more BTC, which brings its holdings to around 6,170 BTC, worth nearly $580 million.
Zhao said U.S. policy toward crypto has also changed. He claimed that under President Trump, the country has made a sharp turn in favor of the crypto industry. He believes that governments see Bitcoin as a smart investment, which could push other countries to follow.
Zhao added that retail investors had “15 years to buy,” and said if they missed out, it was their choice. He also touched on topics like AI, meme-coins, and decentralized science, saying he sees real potential in AI and science, but not in most meme-coins.
At press time, Bitcoin price is trading for $95,073, down just 0.44% today but up 19% over the past month, according to CoinMarketCap.
Also Read: Fact Check: Is CZ Secretly Behind VanEck’s BNB ETF?
