Binance co-founder Changpeng “CZ” Zhao expects Bitcoin’s price to top at $500,000 to $1 million during this market cycle.

During an interview with Rug Radio published on May 5, Zhao said that he expects Bitcoin to reach up to one million dollars during this market cycle.

Changpeng "CZ" Zhao, co-founder of Binance, believes that Bitcoin's price will reach a peak of $500,000 to $1 million during this market cycle. He also anticipates that Bitcoin ETFs will play a key role in propelling the flagship cryptocurrency to new heights.

During an interview with Rug Radio, published on May 5, Zhao discussed his predictions for Bitcoin's price trajectory. He expects the cryptocurrency to rise to a maximum of $1 million during this market cycle.

Highlighting the role of Bitcoin spot exchange-traded funds (ETFs) in this ascent, Zhao noted the increasing institutionalization of Bitcoin as a positive development for the market.

Zhao explained that the ETFs are "bringing the traditional institution money into crypto" and "most of the money in the US is institutional money." He stated that "Bitcoin is going up because most of the ETFs are Bitcoin-based."

Moreover, Zhao pointed out that governments are also making significant purchases of Bitcoin, which "is really good for the price action."

El Salvador continues to buy despite IMF claims

These remarks follow reports of several countries accumulating Bitcoin. In late April, El Salvador, known for being the first country to adopt Bitcoin as legal tender, persisted in buying the cryptocurrency despite claims to the contrary from the International Monetary Fund.

Over seven days, leading up to April 27, the country purchased seven BTC, valued at over $650,000 at the time.

Data from the country's Bitcoin Office indicates that El Salvador currently holds around 6,170 BTC, which is now worth almost $580 million.

Elsewhere, the Kingdom of Bhutan is also accumulating Bitcoin. January reports suggest that a new economic hub in the country plans to establish a strategic cryptocurrency reserve. This will consist of major crypto assets, including Bitcoin and Ether (ETH).

The former Binance CEO also observed that the US "has pivoted 180 degrees under a pro-crypto president," referring to the election of President Donald Trump.

Shift in US policy

"They had pivoted 180 degrees. When Trump was elected, he pivoted on crypto policy," Zhao said.

Talking about retail investors, he said that they "had 15 years to buy." Consequently, "if they're late now, that was their choice."