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In an interview with Altcoin Daily, Binance founder, and CEO, Changpeng Zhao (CZ) answered true to Bitcoin reaching a $1 million valuation one day.
However, considering that the BTC price prediction came from a quickfire, true, or false segment at the end of the interview, it would be wise to take this valuation with skepticism.
Of more significant concern was CZ’s view on the long term outlook for the market leader.
Contrary to his million-dollar price prediction, he believes a bigger and better alternative will replace Bitcoin at some point.
The interview covered a wide range of topics, including cryptocurrency as a hedge against traditional finance, Bitcoin maximalism, and the role of DeFi in taking the space forward.
But of interest was CZ’s opinion on the long term future of Bitcoin, especially when taking into account the antiquated nature of its core technology, and the limitations of updating it as a live blockchain.
“To be honest, I think Bitcoin’s dominance over time will decrease, not increase. It may increase in the short term… there’s a lot of innovations people do that people can bring back to Bitcoin, like second layer solutions etc. But when the technology is out already and adopted for ten years, there’s relatively limited scope that you can update it.”
CZ expanded on this by saying sooner or later, every technology eventually gets replaced by something better.
He drew on examples such as dated programming languages, and once-dominant hardware and software firms losing ground to more innovative rivals.
“nothing lasts forever… so things change… if we look at 10, 15, 20 years later, I think it’s totally conceivable that something new will replace Bitcoin, and something better than Bitcoin.”
However, he was keen to state that Bitcoin will still be around, simply because going back to fiat is an unlikely alternative.
But he remains adamant that another, more current product will usurp the market leader down the line.
“But if you ask 20 years from now is it still going to be king? A hundred years from now, a thousand years from now, and the answer is obviously we’re not sure, things just change over time.”
Bitcoin has considerable influence on the rest of the other markets.
If CZ’s prediction plays out, what then for the future of cryptocurrency as a whole?
Zhao dealt with this by saying a decoupling of this effect will occur, but this will happen over a long period. “within the next six months, if Bitcoin went to zero that would be true, everything else will be hit really really bad. But if you look at a five year, ten year horizon… I don’t think cryptocurrencies will be gone.
However, as the most decentralized and censorship-resistant, Bitcoin will retain its place in the short to medium term.
In other trending Bitcoin News today:
TOP FUND MANAGER EXPLAINS WHY BITCOIN WILL UNDERGO “EXPLOSIVE” RALLY
According to the chief investment officer of Hayman Capital Management, Kyle Bass, Bitcoin will soon rally alongside the two top precious metals:
“Silver, Gold, Bitcoin, etc all look to be ready to make explosive moves higher given the sheer amount of money printing going on around the world. Here is a chart or front-month silver going back 10 years.”
Bass is a prominent investor who called the Great Recession in 2008.
He has also been critical of China and the central bank money-printing efforts that have gone on over the past decade.
In late 2019, he said that what will also fuel a rally in the price of Bitcoin is people in Asia, especially in China, trying to siphon funds out of the sometimes closed economy there.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
Binance CEO Believes Bitcoin is Going to $1 Million, But With a Twist
Top Fund Manager Explains Why Bitcoin Will Undergo “Explosive” Rally