Former Binance chief Changpeng Zhao (CZ) is bullish on Bitcoin’s sustained rally to set a near peak as the nation-states establish BTC reserves.
The former boss of crypto exchange Binance mirrored MicroStrategy’s former head, Michael Saylor’s argument that Bitcoin will recover from the short-term correction that saw BTC dip to $94,561.74. It is worth mentioning that Bitcoin stumbled despite setting its all-time high at $103,650 last week.
Zhao downplays the concerns of investors that perhaps Bitcoin hit its peak. Nonetheless, the uncertainty emerges from the fact that BTC momentum quickly vanished as bearish steam drove the price below $95,000.
The volatility saw Zhao join fellow crypto industry figures who dismissed the downtrend calls, instead reiterating Bitcoin was set for an upward trajectory.
Bitcoin Fundamental Positioning as the Future of Money
Zhao recently weighed into a discussion regarding the evolving role of Bitcoin. The Binance co-founder emphasized the BTC utility beyond the usual tag of an investment asset.
Zhao spotlighted how the perception of Bitcoin could change in the next decade as more nations adopt BTC as a strategic reserve. He considers the move to foster Bitcoin’s value mathematically.
Zhao refrained from indicating a specific price target, instead admitting the difficulty of quantifying the BTC’s long-term potential. He emphasized his belief that BTC harbors unlimited upside potential when pressed for the price, warranting a ‘to the moon’ response.
The remarks by the former Binance boss emerged as the crypto assets industry witnessed widespread volatility, capturing global attention. Its utilization as the medium of exchange and potential adoption as a treasury and national reserve would elevate Bitcoin to an essential role in the global financial ecosystem.
Saylor Anticipates Exponential Growth
Michael Saylor added that Bitcoin harbors a transformative potential of becoming the global digital capital. The former chief at MicroStrategy cited the BTC attributes, including portability, resilience against centralization, and programmability, as an edge for the asset.
Saylor anticipates the exponential growth for digital assets would lift the present $2 trillion value for BTC to $280 trillion by 2045. The leap would translate to a $13 million price per Bitcoin. The figure is not surprising since Binance’s ex-boss considers any BTC number attainable.
Saylor elaborated on the MicroStrategy approach to leverage financial instruments to fund its Bitcoin acquisition. The use of convertible bonds aligns with the public companies’ objectives besides bridging the traditional finance (TradFi) with the decentralized finance (DeFi) economies.
Bitcoin Delivers Financial Revolution
The Bitcoin evangelist drew parallels between the slow adoption curve of Bitcoin and the technological advancements that became a mainstay part of human life. This view was featured in Eric Trump’s addressing the Bitcoin MENA Conference in Abu Dhabi.
The real-estate mogul, who is the son of US President-elect Donald Trump, indicated that the uptake of Bitcoin technologies is similar to email and SMS. He observed that while the adoption of such technologies was slow, they are utilized by nearly all humans globally today.
On this basis, Eric echoed a bullish prediction by asset management firm Berstein that BTC could hit $1M by 2033. He added that most individuals overlook this potential only to open their eyes when BTC breaches $1 million.
Eric informed the Bitcoin MENA audience that Trump’s pro-crypto stance is now a major factor that fueled the BTC’s recent rally. The pioneering asset surged by over 47% in the 30-day run since the November 5 election. He added that Bitcoin marked the advent of crypto, triggering the financial revolution.
Amplified Prediction for Bitcoin Price
With Bitcoin blasting beyond the $100K milestone, more analysts are revising their predictions upwards. Max Keiser, who advises the El Salvador pro-Bitcoin government, raised his target price from $200K to $2.2M.
The shift in projection is attributed to Saylor’s statement that the US could adopt Bitcoin as a reserve asset to counter threats posed by the BRICS. Additionally, he illustrates the need to dispose of the gold reserves to purchase BTC. Such is likely to attract interest from other nation-states, thus accelerating BTC value to higher heights.
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