Co -founder Binance Changpeng “CZ” Zhao expects that the price of Bitcoin is from USD 500,000 to 1 million in this market cycle.
During an interview with a carpet published On May 5, Zhao said that he expected Bitcoin to reach up to a million dollars during this market cycle. He also emphasized the role of Bitcoin Spot rotational funds (ETF) in this growth, saying that the growing institutionalization of Bitcoin is a good thing for the market:
“There is an ETF. There is a bitcoins institutionalization [ … ] Of course, this is positive in terms of price campaign. Our bags are up – not so much, but at least bitcoins. “
Zhao explained that ETF “introduces the traditional money of institutions to cryptography” and “Most of the money in the USA is institutional money.” He said “Bitcoin is growing because most ETF based on bitcoins.”
Founder of Celebrakevich Research Alex Celebrakevich told Cointelegraph that “70% [of Bitcoin’s growth] It is a new institutional capital, the rest is only redistribution of cryptographic assets. “He emphasized the role of ETFS in increasing the price of a higher bitcoin:
“ETFS, especially ETF Bitcoin, are a key motor of a stubborn trend, but with small unstable corrections.”
Related: Co -founder of Binance cz proposes Bitcoin, BNB for Kyrgyz reserves
Governments also deal with it
Zhao also emphasized that governments are increasingly buying Bitcoin, which “is really good for price campaign.” He added:
“It’s also a very good validation.”
Comments follow many countries gathering bitcoins. At the end of April, Salvador, the first country in the world, which accepted Bitcoin as a legal tender, continued to acquire bitcoins despite the comments of the International Monetary Fund, which claim that the opposite. Within seven days preceding April 27, the country then purchased 7 BTC worth over USD 650,000.
Bitcoin office in the country data It shows that El Salvador currently has almost 6170 BTC worth almost $ 580 million. The kingdom of Bhutan also accumulates bitcoins. Reports in January suggest that the up-to-date economic center in the country plans to create a strategic cryptocurrency reserve covering the main assets of cryptocurrency, including Bitcoin and Ether (ETH).
Related: “To have freedom of money, you must have freedom of speech” – cz
Change of US policy
The former general director of Binance also noted that the US “have been 180 degrees under the president of Pro-Crrypto” since the election of President Donald Trump. He said:
“They are intelligent enough to recognize that buying bitcoins is a great move, and now other countries will have to go.”
Speaking of retail investors, he said that “they were 15 years old.” Therefore, “if they are late now, it was their choice.”
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