Changpeng Zhao, the co-founder of the world's largest cryptocurrency exchange Binance and its former CEO, has predicted a Bitcoin price of 1 million dollars, joining the group of other influencers in the cryptocurrency field who believe BTC has the potential to soar to that level.
He made this statement in a newly published interview in Pakistan, where CZ has just been appointed as a strategic advisor on cryptocurrencies for the Pakistan Crypto Council (PCC).
CZ Believes Bitcoin Will Reach 1 Million USD
In a conversation with Bilal bin Saqib, the CEO of the Pakistan Crypto Council, CZ mentioned many important topics — regulations on cryptocurrencies, how cryptocurrencies affect the younger generation, and the future of cryptocurrencies in Pakistan in general.
One of the questions posed by the interviewer was whether CZ believes that the world's leading cryptocurrency Bitcoin will reach 1,000,000 dollars. Changpeng Zhao said he believes that will happen.
However, he is more likely to have a long-term view on this issue. Therefore, he is not sure whether it will happen by 2025 but hopes BTC will be priced like that "over time."
He points out that the cryptocurrency industry is still in its early stages, but many prefer good things to happen "immediately."
Countries Will Race to Buy Bitcoin
Another important point made by Zhao is that governments around the world will start buying Bitcoin at some point because the largest economy in the world, the United States, has recognized BTC as a reserve asset and is building not only Bitcoin for SBR but also other cryptocurrencies for the cryptocurrency reserve.
The countries that will start buying Bitcoin later, CZ stated, will be at a significant distance from those that will start buying BTC right now. "The richest countries will buy Bitcoin first. They will buy a lot," he specified. After that, the price of Bitcoin will skyrocket, CZ continued, and other countries will have to accumulate digital gold at much higher prices. Therefore, they will be able to buy less than the countries that got in earlier than them.
"I think we will see a race towards countries adopting Bitcoin and major cryptocurrencies," CZ said. "This is good for the entire cryptocurrency industry," he added that smaller players will still be left behind.