Bitcoin (BTC) Price May Soar to $1 Million, Predicts Former Binance CEO Changpeng Zhao

Former Binance CEO Changpeng "CZ" Zhao has announced that Bitcoin may soar to a new all-time high of $1 million.

Changpeng "CZ" Zhao, the former CEO of Binance, has made a bold prediction that Bitcoin could yet reach a staggering new all-time high of $1 million as the world’s largest cryptocurrency matures as an asset class and attracts new entrants.

Speaking at an event in Lahore, Pakistan with Pakistan Crypto Council CEO Bilal bin Saqib, Zhao remarked on the vast scope of time for building the crypto industry.

“We have many more decades to build this industry. We’ll definitely hit $1 million. I don’t know if it’s next month, or this year, or next year, or however long — but eventually, we will. I think we’ve got enough momentum. This technology is just starting.”

To further illustrate his point, Zhao drew attention to the time required for new technologies to integrate fully and the stages involved in their development.

He cited the instance of video-conferencing platforms, noting that Zoom and WebEx have been around for a long time, but only recently, during the COVID-19 pandemic, did the technology achieve widespread usage as the demand and the service converged.

Similarly, he highlighted Amazon, which began its journey in 1998 with the launch of Amazon.com. However, the e-commerce giant faced challenges as the payment infrastructure and efficient delivery services at the time were not yet fully developed to support Amazon's rapid expansion.

“The payment infrastructure wasn’t there. The delivery wasn’t there, so it took many years for Amazon to develop that. People underestimate.”

According to Zhao, people have high expectations for rapid transformation from new technologies, but real change often unfolds over longer cycles.

“People have kind of high expectations for everything to happen instantaneously. But long-term, though, we’ve been around for like 15 years. For the first few years, nobody cared about [us]. It’s been a slow process.”

Earlier this February, Ark Invest CEO Cathie Wood forecast that Bitcoin would hit $1.5 million amid a surge in institutional adoption.

“So many institutional investors are now looking at Bitcoin and thinking that they need to add it to their asset allocation, because its return profile looks so much different, and its risk profile looks so much different from all of the other assets in their stitutional investors are now thinking they need to add Bitcoin to their asset allocation.”