Changpeng Zhao predicts Bitcoin could hit $500,000-$1 million this cycle

Binance co-founder Changpeng Zhao predicted that Bitcoin could rise to as much as $1 million this market cycle.
"A Bitcoin spot ETF is obviously positive for the price and is a good fit for institutions," Zhao said in an interview with Rug Radio published on the 5th.
"The increase in bitcoin holdings is good for us," he said. He said the main drivers of this rise were institutional inflows, national bitcoin purchases, and a pro-cryptocurrency U.S. government policy shift.
"ETFs are bringing traditional U.S. institutional money into crypto, and the majority of U.S. money is institutional," Obchakevich said, adding that the ETFs are "driving traditional U.S. institutional money into crypto."
Alex Obchakevich, founder of the research firm Bitcoin Research, also said, "About 70% of Bitcoin's increase is due to new institutional inflows, and the rest is due to existing institutional inflows."
"It's just a redistribution of existing crypto assets," he said, emphasizing the impact of ETFs. "ETFs, especially Bitcoin ETFs, are the core driving force behind the bull market," he said.
Zhao said the price increase was also due to countries starting to buy Bitcoin. El Salvador responded to the International Monetary Fund's warning.
Despite this, he has been steadily purchasing Bitcoin, and as of the end of April, he reportedly holds approximately 6,170 BTC. The Kingdom of Bhutan also has a strategic cryptocurrency reserve that includes Bitcoin and Ethereum.
Zhao noted that "the United States has made a 180-degree turn since President Donald Trump was elected," and that "policies have now completely shifted under a president who is friendly to crypto assets."
"The U.S. government's purchase of Bitcoin is a smart strategy, and other countries will have no choice but to follow suit," he said.