Changpeng "CZ" Zhao, the co-founder and former CEO of Binance, anticipates Bitcoin reaching unprecedented price levels during the current bull cycle. In June of 2022, Zhao had predicted Bitcoin would eventually rise to “half a million dollars to a million dollars.” Global cryptocurrency market would be at $5 trillion by year end, he predicts.
Zhao’s ambitious forecast is in line with other industry experts, though he had not originally set a date for this milestone. His prediction of Bitcoin hitting $1 million before a potential crash has captured the attention of investors and analysts alike. This bullish outlook comes on the back of Zhao’s recent reflections on his 2021 meme coin adventures. He founded the accessibility meme army when he released a storm of Broccoli the dog pics.
Bitcoin's Potential Surge
Zhao’s given price target of Bitcoin is quite audacious, $1 million. To achieve that goal, Bitcoin would have to explode by roughly 959% from its present market cap of $94,457. That surge would bring Bitcoin’s market capitalization to $19.8 trillion. This gets pretty close to gold’s current valuation of over $22 trillion.
When Bitcoin’s value fell sharply in February, Zhao issued a Twitter prediction claiming Bitcoin would go to $1 million, only for it to plummet to near $985,000. He later walked his prediction back on a podcast, saying that he anticipates Bitcoin will reach $1 million before crashing. Zhao’s analogy implies that this bull cycle will go well past 2025.
Industry Timelines and Predictions
Other prominent supporters of the cryptocurrency space have provided their own schedules for an eventual Bitcoin $1 million price tag. Dr. Murray Rudd and Dennis Porter of Satoshi Action Funds have proposed a timeline of by January 2027. Noted investor Cathie Wood and cryptocurrency trading platform Swan Bitcoin both recently released forecasts calling for a $1 million Bitcoin price by 2030.
These optimistic projections are indicative of an increasing belief in the long-term growth and adoption of Bitcoin. The potential for Bitcoin to achieve such milestones rests on numerous variables. These are the regulatory, technological, and macroeconomic forces that are driving change all around us.
Zhao's Activities and Binance Shares
Despite his legal challenges and stepping down as CEO of Binance, Zhao remains an influential voice in the cryptocurrency industry. He was recently forced to deny speculation that he was ready to give up control of his stake in Binance by selling them. US deal Zhao also explained that, contrary to speculation, he hadn’t personally approached pro-crypto US President Donald Trump for a US presidential pardon deal.
His participation and recent statements about the market reflect his long-running interest in the cryptocurrency world. His predictions are taken very seriously by investors and techno-optimists.
