Binance Co-founder: Bitcoin Could Reach $1 Million
12 May, 2025 ● Crypto people
Binance co-founder Changpeng “CZ” Zhao believes Bitcoin could peak between $500,000 and $1 million in the current market cycle.
In an interview with Rug Radio published on May 5, Zhao expressed his expectation that Bitcoin might reach as high as one million dollars during this cycle.
He also pointed to the influence of Bitcoin spot exchange-traded funds (ETFs) on this upward trajectory, emphasizing that the growing institutional presence in Bitcoin benefits the market:
“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 noted that ETFs are instrumental in channeling traditional institutional capital into the crypto space, adding that the majority of financial capital in the United States comes from institutions.
He explained that “Bitcoin is going up because 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.” He underlined the crucial role of ETFs in driving Bitcoin’s bullish momentum:
”ETFs, especially Bitcoin ETFs, are a key driver of the bullish trend, but with small volatile corrections.”
Zhao also pointed out that governments are now participating by purchasing Bitcoin, which he described as highly beneficial for the market’s price action. He added: “It’s also very good validation.“
These comments come amid reports of multiple countries increasing their Bitcoin reserves. In late April, El Salvador — the first country to make Bitcoin legal tender — continued its buying spree despite criticisms from the International Monetary Fund.
In the week leading up to April 27, El Salvador acquired 7 BTC valued at over $650,000 at the time.
According to data from the country’s Bitcoin Office, El Salvador now holds nearly 6,170 BTC, worth close to $580 million.
Additionally, Bhutan is expanding its Bitcoin holdings. Reports from January indicated that a new economic zone in Bhutan intends to establish a strategic crypto reserve, including Bitcoin and Ethereum.
Zhao also remarked on a significant change in US crypto policy, attributing it to the administration of President Donald Trump. He said:
“They’re smart enough to recognise that buying Bitcoin is a great move, and now other countries will have to follow.”
Regarding retail investors, Zhao commented that they “had 15 years to buy.” As a result, “if they’re late now, that was their choice.”
Sources:
https://cointelegraph.com/news/cz-says-bitcoin-could-hit-500-k-1-m-this-cycle
