Binance founder CZ says Bitcoin could hit $500K–$1M this cycle

Founder of Obchakevich Research Alex Obchakevich told Cointelegraph that “70% [of Bitcoin‘s growth] is new institutional capital, the rest is just a redistribution of crypto assets.” He highlighted the role of the ETFs in pushing Bitcoin’s price higher:

“ETFs, especially Bitcoin ETFs, are a key driver of the bullish trend, but with small volatile corrections.”

Governments are in on it, too

Zhao also highlighted that governments are increasingly buying Bitcoin as well, which “is really good for the price action.” He added:

“Its also very good validation.”

The remarks follow multiple countries accumulating Bitcoin. In late April, El Salvador, the world‘s first country to adopt Bitcoin as legal tender, continued acquiring Bitcoin despite the International Monetary Fund’s comments claiming the opposite. In the seven days leading to April 27, the country acquired 7 BTC worth over $650,000 at the time.

The countrys Bitcoin Office data 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 comprising major crypto assets, including Bitcoin and Ether (ETH).

A shift in US policy

The former Binance CEO also noted that the US “has pivoted 180 degrees under a pro-crypto president,” since the election of President Donald Trump. He said:

“Theyre smart enough to recognise that buying Bitcoin is a great move, and now other countries will have to follow.”

Talking about retail investors, he said that they “had 15 years to buy.” Consequently, “if theyre late now, that was their choice.”