Monday, May 10, 2021

CZ Binance Highlights How Bitcoin (BTC) Could Reach $1 Million, $10 Million

Changpeng Zhao (CZ), the CEO of Binance, the largest cryptocurrency exchange by trading volume, has highlighted how Bitcoin (BTC) reached the current price level and how high it would surge in the future.

In a new interview on Bloomberg Radio anchored by Juliette Saly and Bryan Curtis, CZ Binance was asked to air his opinion regarding the likely trend of the leading cryptocurrency Bitcoin (BTC).

Read Also: CZ States What Binance Will Do to Ethereum (ETH) to Stop Losses Incurred By High Gas Fees

According to CZ, Bitcoin is gaining vast adoption among retails and institutional investors. So, he thinks that this is the beginning of the notable price surge.

Although he thinks it’s difficult to predict the price of Bitcoin (BTC), he believes the cryptocurrency has the potential to attain $1 million, $10 million someday.

CZ noted:

I think for Bitcoin, we are seeing somewhere between a hundred to two hundred million users right now. So with that user base, you have value to that group of people. With price predictions, it’s really really difficult… I don’t know, $1 million, $10 million… very hard to tell.

In another interview on Bloomberg TV, CZ was asked if some speculative froth is likely in all the latest price trends, coupled with his price target for Bitcoin (BTC) in the current trend.

He replied, “I definitely think this is just a reflection of how mainstream Bitcoin has become, and I think we’re just seeing the tip of the iceberg to be honest.

Right now, we just passed the previous peak just by a little bit. It’s only 2.5x. Right now, the fundamentals are much much stronger than three years ago. We see a lot more users, a lot more institutions coming in… we see DeFi taking off taking off… there’s a lot more activity now in this industry than three years ago…

Read Also: BlockTower Co-Founder Ari Paul Predicts When Current Rally Would End, Says Bitcoin Could Hit $400,000

And also from the user numbers, we see I believe the first time I talked with you guys on either in this channel. We were seeing all-time highs of 300,000 registered new register users per day and now with sustained above that peak sustained on a day-to-day basis.

This is the thing about crypto: there’s no fair value. You just got to represent how much wealth… If you look at the market, only 11 listed companies have announced they’re holding cryptocurrencies… and if you look at individual holders, I think we’re reaching somewhere around 1% adoption globally.”

Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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