- Changpeng Zhao, co-founder of Binance, predicts Bitcoin could reach between $500,000 and $1 million in this market cycle.
- Zhao and analysts point to increased institutional and government adoption, particularly through Bitcoin ETFs, as key drivers of price growth.
- Recent accumulation by countries such as El salvador and Bhutan highlights a growing governmental interest in Bitcoin.
Changpeng “CZ” Zhao, co-founder of the cryptocurrency exchange Binance, stated in a recent interview that he expects Bitcoin’s price to climb as high as $500,000 to $1 million during the current market cycle. Zhao’s remarks came during a conversation with Rug Radio published on May 5, highlighting factors including institutional adoption and government purchases.
During the interview, Zhao noted the positive impact of spot Bitcoin exchange-traded funds (ETFs) on the market, explaining that these financial products make it easier for large investors to buy Bitcoin. Zhao told Rug Radio, “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.”
He further explained that most of the money coming into Bitcoin is institutional, saying, “ETFs are bringing the traditional institution money into crypto” and “most of the money in the U.S. is institutional money.” Zhao believes that the surge in Bitcoin’s price is largely due to the fact that “most of the ETFs are Bitcoin-based.” Alex Obchakevich, founder of Obchakevich Research, told Cointelegraph that, “70% [of Bitcoin’s growth] is new institutional capital, the rest is just a redistribution of crypto assets.” Obchakevich added that Bitcoin ETFs are a major cause of the current bullish trend, although small market corrections might still occur.
Zhao also emphasized the role of governments in supporting Bitcoin’s price, mentioning that recent official purchases mark a new phase of adoption. In late April, El Salvador—the first country to use Bitcoin as legal tender—continued to buy Bitcoin, acquiring 7 BTC (about $650,000) in the week before April 27. Public data shows El Salvador holds nearly 6,170 BTC, worth approximately $580 million. Bhutan also plans to include Bitcoin and Ether in its strategic cryptocurrency reserves as part of a proposed economic hub.
Addressing regulatory attitudes, Zhao observed a change in the United States since the election of President Donald Trump, saying, “They’re smart enough to recognize that buying Bitcoin is a great move, and now other countries will have to follow.” He stated that retail investors have had years to buy Bitcoin and must now accept the current situation.
For more details, the interview is available on YouTube. Further data on El Salvador’s Bitcoin holdings is accessible through their official site.
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