In a highly anticipated interview, Binance founder Changpeng ‘CZ’ Zhao predicted a historic future for Bitcoin, projecting a price jump to between US$500,000 and US$1 million over the next market cycle. The optimistic vision, revealed in an exclusive interview at Token 2049 in Abu Dhabi, has rocked the crypto space, pointing towards a new dawn for Bitcoin led by institutional players.
Zhao’s optimistic forecast, along with his profound understanding of the existing market trends, is a pointer towards the increasing institutional uptake of Bitcoin and the cryptocurrency universe as a whole.
Under Zhao’s forecast, Bitcoin becoming fully institutionalized will unlock the gate for price expansion. “Somewhere in that band, US$500,000 and US$1 million, that’s my target band for this cycle,” he emphasized about structural forces carrying the market onward.
Zhao pointed to three significant factors behind this institutional shift: the rise of US spot Bitcoin exchange-traded funds (ETFs), a new wave of sovereign accumulation, and a drastic policy shift in Washington. The launch of US spot ETFs has brought institutional capital into Bitcoin, turning it from a speculative asset to a strategic treasury allocation. “Bitcoin is going up, and we’re just getting started,” Zhao declared.
One of the most remarkable elements of Zhao’s prophecy was his positivity regarding the political environment within the US. He commended the Trump government’s positive stance toward crypto, pointing out that the US has made a radical flip in its attitude toward crypto over the past few months. The change, according to Zhao, has created an avenue for other nations to stock up on Bitcoin, further cementing the cryptocurrency’s institutional popularity.
The US is 180 degrees from where they were a hundred days ago,” Zhao said, noting that the new pro-crypto stance is likely to have implications for other governments to act similarly. As Bitcoin goes more mainstream, sovereign nations might soon hold the cryptocurrency as an essential asset in their reserves.
Zhao also pointed to FTX’s collapse as a turning point for Bitcoin’s market leadership. The downfall of centralized exchanges and the subsequent regulatory unrest have, in Zhao’s eyes, served to accelerate Bitcoin’s ascension. He said that Bitcoin’s decentralized nature guarantees it is a safe-haven asset, untainted by the counterparty risks that have plagued other cryptocurrencies. “Bitcoin has none of that counterparty risk,” Zhao said.
Although meme coins have captured the spotlight and funding, Zhao was adamant in his opinion that they are temporary distractions. “99.999 percent of them will fail,” he forecast, reaffirming Bitcoin’s status as the greatest institutionally-backed cryptocurrency.
Zhao shared his thoughts regarding the larger crypto ecosystem in which he sees AI (artificial intelligence) and DeSci (decentralized science) taking an essential role. He is envisioning blockchain and AI being closely coupled, and together generating a significant amount of innovation in both fields.
In addition, Zhao predicted that decentralized exchanges (DEX) will surpass centralized exchanges (CEX) in the long term, although he underlined that both are integral to the development of the crypto ecosystem.
After his recent legal troubles and a four-month sentence, Zhao is now focusing on new ventures, including mentoring young founders and prioritizing health and family. “I’ve closed the Binance chapter,” he stated, indicating that he no longer plans to return as CEO of the exchange.
With Bitcoin at around US$97,067 at the time of writing and the overall cryptocurrency market cap reaching almost US$3 trillion, Zhao’s prediction of a US$1 million Bitcoin may not be as outlandish as it would seem. As institutional investors continue to drive the future of crypto, the way toward a six-figure, or even seven-figure, Bitcoin does not seem as remote a possibility as ever.