Binance founder CZ says Bitcoin could hit $500K–$1M this cycle

Binance Co-Founder Changpeng “CZ” Zhao believes that Bitcoin will reach a peak price of $500,000 to $1,000 during the current market cycle.

Rug Radio Interview published Zhao told the media on 5 May that Bitcoin could reach a value of up to $1 million during this current cycle. Zhao also highlighted that Bitcoin exchange-traded fund (ETF) played a role in the rise of Bitcoin, saying the increased institutionalization of Bitcoin was a positive thing for the markets:

“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 explained the ETFs. “bringing the traditional institution money into crypto” You can also find out more about the following: “most of the money in the US is institutional money.” Then he said “Bitcoin is going up because most of the ETFs are Bitcoin-based.”

Related: Binance co-founder CZ proposes Bitcoin, BNB for Kyrgyzstan reserves

The government is also on board

Zhao has also stated that governments are buying Bitcoin in increasing numbers. “is really good for the price action.” Also, he said:

“It’s also very good validation.”

These remarks come after multiple countries have accumulated Bitcoin. El Salvador became the first nation to accept Bitcoin as legal currency in late April. continued acquiring Bitcoin The International Monetary Fund has stated the contrary. In the week leading up to the 27th of April, the country had acquired seven BTCs worth $650,000.

Bitcoin Office in the United States data El Salvador has approximately 6,170 BTC valued at almost $580,000,000. Bhutan’s Kingdom is also collecting Bitcoin. According to reports in January, a new financial hub was being developed within the country. plans to set up a strategic cryptocurrency reserve Bitcoin, Ether and other major cryptoassets are all included.ETH).

Related: ‘To have freedom of money, you have to have freedom of speech’ — CZ

The US shifts its policy

Former Binance CEO noted also that the US “has pivoted 180 degrees under a pro-crypto president,” He said: “He hinted at Donald Trump’s election.” “He said:

“They’re smart enough to recognise that buying Bitcoin is a great move, and now other countries will have to follow.”

When he was asked about the retail investor, he replied that they are a group of people who have a lot to learn. “had 15 years to buy.” Consequently, “if they’re late now, that was their choice.”

Magazine: CZ walks free, Caroline Ellison receives prison sentence, and more: Hodler’s Digest, Sept. 22 – 28