Binance founder CZ says Bitcoin could hit $500K–$1M this cycle
Changpeng “CZ” Zhao predicts Bitcoin's price could reach between $500,000 and $1 million in the current market cycle, attributing this potential rise to Bitcoin spot exchange-traded funds (ETFs) and increased institutional investment. He emphasizes that ETFs are facilitating traditional institutional money entering the crypto market, which is primarily Bitcoin-based. Zhao notes that government purchases of Bitcoin are beneficial for price validation, citing El Salvador's continued accumulation of Bitcoin despite IMF criticism, with the country holding nearly 6,170 BTC valued at approximately $580 million. Bhutan is also reportedly building a strategic cryptocurrency reserve. Zhao mentions a significant shift in U.S. policy under a pro-crypto administration, suggesting that other countries will follow suit in recognizing Bitcoin's value. He advises retail investors that they have had ample opportunity to invest in Bitcoin over the past 15 years.
