Canadian crypto entrepreneur Changpeng Zhao (CZ) has forecast that Bitcoin’s (CRYPTO: $BTC) price will reach $1 million U.S. in the next decade.
CZ, who co-founded cryptocurrency exchange Binance, has dismissed the current downturn in Bitcoin’s price and steady outflows from exchange-traded funds (ETFs) that track its price
Rather than be down on Bitcoin, CZ says he thinks the largest cryptocurrency by market capitalization has a realistic chance of reaching $1 million U.S. within the next 10 years. More From Cryptoprowl: In a media interview, CZ said that Bitcoin ownership worldwide remains limited, with fewer than 1% of people holding the digital asset. The low level of adoption leaves room for future demand as more retail and institutional investors enter the market, potentially pushing the price to stratospheric levels, said CZ.
He added that Bitcoin could climb to around $600,000 U.S. during the next market cycle, representing a fivefold increase from current levels. However, the crypto mogul acknowledged that he cannot predict exactly when the Bitcoin milestones he predicts will be reached. The bullish forecast comes with BTC currently trading at $61,400 U.S., less than half its record high of $126,000 U.S. reached in early October of last year.