Binance co-founder Changpeng “CZ” Zhao expects Bitcoin price to raise $ 500,000 to $ 1 million during this market cycle.
In an interview with rug radio Na -Published On May 5, Zhao said he hoped Bitcoin would reach a million dollars during the market cycle. He also featured the role of funds exchanged by the Bitcoin (ETF) exchange for this increase, saying that the rise of Bitcoin institutionalization is a good thing for the market:
“The ETFs are there. There is this institutionalization of Bitcoin (…) it is positive in terms of price action, obviously. Our bags rise – not the alt – coins of many, but at least Bitcoin.”
Zhao explained that ETFs “bring the institutional currency to crypto” and “most of the money in the US is institutional currency.” He said “Bitcoin will climb because most ETFs are based on Bitcoin.”
The founder of Obchakevich Research Alex Obchakevich has told cointelegraph that “70% (of Bitcoin’s growth) is a new institutional capital, the rest is a redistribution of crypto assets.” He featured the role of ETFs in pushing the higher price of bitcoin:
“ETFs, especially Bitcoin ETFs, are a major driver of bullish trend, but with a small -changing -changing correction.”
Related: Binance co-founder CZ suggests Bitcoin, BNB for Kyrgyzstan reserves
Governments are in it
Zhao also featured that governments are increasingly buying bitcoin, which “is really good for price action.” He added:
“It’s a great proof too.”
Comments follow many countries that accumulate bitcoin. In late April, El Salvador, the first country in the world to adopt Bitcoin as legal soft, Continuing to take bitcoin Despite the comments of the International Monetary Fund that say the opposite. In the seven days leading to April 27, the country gained 7 BTC worth more than $ 650,000 at that time.
The country’s Bitcoin office Data It is shown that El Salvador is currently holding about 6,170 BTCs worth about $ 580 million. The kingdom of Bhutan also accumulates bitcoin. January reports suggested that a new economic hub in the country Plans to set up a strategic cryptocurrency reserve consisting of major crypto assets, including Bitcoin and Ether (Eth).
Related: ‘To have the freedom of money, you need to have freedom of speech’ – cz
A transfer to US policy
The former CEO of Binance also noted that the US has “pivoted 180 degrees under a pro-crypto president,” since President Donald Trump’s election. He said:
“They are smart to recognize that buying bitcoin is a good move, and now other countries need to follow.”
Talking about retail investors, he said they had “15 years to buy.” Because of this, “When they are late now, that’s their choice.”
Magazine: CZ Walks Free, Caroline Ellison receives prison, and more: Hodler’s Digest, September 22 – 28
