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Binance co-founder Changpeng \u201cCZ\u201d Zhao expects Bitcoin\u2019s price to top at $500,000 to $1 million during this market cycle.<\/p>\n
During an interview with Rug Radio published<\/a> on May 5, Zhao said that he expects Bitcoin to reach up to one million dollars during this market cycle. He also highlighted the role of Bitcoin spot exchange-traded funds (ETFs) in this rise, saying that the increasing institutionalization of Bitcoin is a good thing for the market:<\/p>\n \u201cThere\u2019s the ETFs. There\u2019s this institutionalization of Bitcoin [\u202f\u2026\u202f] it\u2019s a positive in terms of price action, obviously. Our bags are up \u200a\u2014 \u200anot the alt\u2011coins as much, but at least Bitcoin is.\u201d<\/p><\/blockquote>\n Zhao explained that the ETFs are \u201cbringing the traditional institution money into crypto\u201d and \u201cmost of the money in the US is institutional money.\u201d He said that \u201cBitcoin is going up because most of the ETFs are Bitcoin-based.\u201d<\/p>\n Founder of Obchakevich Research Alex Obchakevich told Cointelegraph that \u201c70% [of Bitcoin\u2019s growth] is new institutional capital, the rest is just a redistribution of crypto assets.\u201d He highlighted the role of the ETFs in pushing Bitcoin\u2019s price higher:<\/p>\n \u201dETFs, especially Bitcoin ETFs, are a key driver of the bullish trend, but with small volatile corrections.\u201d<\/p><\/blockquote>\n Related: <\/strong><\/em>Binance co-founder CZ proposes Bitcoin, BNB for Kyrgyzstan reserves<\/strong><\/em><\/a><\/p>\n Zhao also highlighted that governments are increasingly buying Bitcoin as well, which \u201cis really good for the price action.\u201d He added:<\/p>\n \u201cIt\u2019s also very good validation.\u201c<\/p><\/blockquote>\n The remarks follow multiple countries accumulating Bitcoin. In late April, El Salvador, the world\u2019s first country to adopt Bitcoin as legal tender, continued acquiring Bitcoin <\/a>despite the International Monetary Fund\u2019s comments claiming the opposite. In the seven days leading to April 27, the country acquired 7 BTC worth over $650,000 at the time.<\/p>\n The country\u2019s Bitcoin Office data<\/a> shows that El Salvador currently holds nearly 6,170 BTC worth almost $580 million. The Kingdom of Bhutan is also accumulating Bitcoin. January reports suggested that a new economic hub in the country plans to set up a strategic cryptocurrency reserve<\/a> comprising major crypto assets, including Bitcoin and Ether (ETH<\/a>).<\/p>\nGovernments are in on it, too<\/h2>\n