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Binance CEO Changpeng Zhao says the world is unprepared for the flood of interest that is set to enter the Bitcoin and Crypto market.
In a conversation with Bloomberg Radio, Zhao comments on the upward potential of Bitcoin and the growth in users his exchange is facing.
Zhao tells Bloomberg Radio that as more institutions like Tesla and MicroStrategy start to allocate to Bitcoin, the cryptocurrency could explode in price.
âRight now, I think only 11 companies have announced they are allocating some, like usually less than 1% of their corporate treasury, to Bitcoin. And we think that is most likely what caused the initial price rise. I think Microstrategyâs Michael Saylor started it first. But there are 650,000 companies in the world⊠like relatively established companies in the world. And their treasury is huge.
If all of them only allocated 1% to Bitcoin we are going to see, I donât know, 1,000x more growth in Bitcoin price. And if they allocate more than 1%, thatâs going to be even bigger. So I think people donât quite get the magnitude of the wave that is about to hit us.â
The Binance CEO estimates that the flagship cryptocurrency could go up from anywhere between 1,900% and 19,900% from current price levels.
âWith price predictions, itâs really, really difficult. I think it could go to, I donât know, $1 million, $10 million. Itâs very hard to tell.â
Zhao also reveals that the exchange is onboarding new users at an unprecedented and sustained rate during this bull run, outpacing its user growth during the 2017 bull run.
âJust to give people an idea, in 2017 when Bitcoin hit the peak of about $20,000 we were seeing 300,000 new registered users per day. And that only happened for a couple of days and then it kind of trailed off and became slower. Now we are seeing sustained new user registrations above that peak and sustained over like the last 2-3 months. And itâs increasing.â
In other Trending Bitcoin News today:
First Bitcoin ETF in North America Has Massive Opening Day, $80,000,000 Traded in Just One Hour
The first Bitcoin exchange-traded fund in North America is launching with a bang.
On day one, investors exchanged $165 million worth of shares of the Purpose Bitcoin ETF after its debut on the Toronto Stock Exchange on Thursday, according to data from Bloomberg.
ETFs are regulatory-compliant investment vehicles available to both retail traders and institutions.
Purpose Investments, the fundâs issuer, says the ETF will invest directly in physically settled Bitcoin (BTC), and not derivatives. Like physically-backed gold and silver products, the ETF will also be directly backed by physically-settled Bitcoin holdings.
In a statement, Purpose CEO Som Seif says investment opportunities come with the increased recognition of BTC as a new asset class.
âWe believe Bitcoin, as the first and largest asset in the emerging cryptocurrency ecosystem, is poised to continue its growth trajectory and adoption as an alternative asset.â
The launch of the ETF comes as Bitcoin extends its bull run, soaring past $52,000 to hit a new all-time high this week.
In the states, the investment management firm VanEck has renewed its efforts to launch a Bitcoin ETF, which would trade on the Cboe BZX Exchange. So far, the SEC has denied all attempts to launch a BTC ETF in the US.
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Show Notes / Resources:
https://cointelegraph.com/news/56-3k-bitcoin-price-and-1t-market-cap-signal-btc-is-here-to-stay