Former Binance CEO Changpeng “CZ” Zhao has announced that Bitcoin could surge to a new high of $1 million as the world’s biggest cryptocurrency matures as an asset class and attracts new entrants.
“We’ve had decades more to build this industry,” said Zhao while speaking to Pakistan Crypto Council CEO Bilal Bin Saqib at an event in Lahore, Pakistan. “We’re definitely going to hit a million dollars.”
“I don’t know how long it will be next month, this year, next year, but I will eventually,” added Zhao. “I think we have plenty of momentum. This technology is just beginning.”
To highlight his point, Zhao painted parallel to the early days of other technical breakthroughs. He pointed out the video conferencing platform and Amazon as examples of innovations that require time to not only develop core products, but also build the necessary support infrastructure around them. “The payment infrastructure wasn’t there,” Zhao said of Amazon. “Delivery wasn’t there so it took Amazon years to develop it. People underestimate it.”
Zhao added that while many people expect rapid changes from new technologies, the real changes often unfold in long cycles. “People have some kind of high expectations for everything to happen instantly,” he said. “But in the long run, we’ve been around for about 15 years. In the first few years, no one bothered me.”
Earlier this February, ARK Invest CEO CATIE Wood predicts Bitcoin will reach $1.5 million amid a surge in facility adoption. “So many institutional investors are currently considering Bitcoin and think that they need to be added to their asset allocation as their return profile looks very different and their risk profile is very different from all other assets in their portfolio,” Wood said.
Bitcoin is currently trading at a price of nearly $83,656 after exceeding $109,000 in January this year.