Binance founder Changpeng “CZ” Zhao has said that Bitcoin will hit $1 million dollars per coin sooner than we think — and eventually surpass gold’s market value.
Speaking at this year’s Bitcoin Asia on Thursday, the crypto entrepreneur also said that Bitcoin is “dangerous” for countries that don’t use it.
Bitcoin Asia kicked off on Thursday in Hong Kong, bringing the biggest names in the space to Hong Kong to talk about everything from treasury companies to building apps from scratch.
“I think for Bitcoin hitting a million dollars would be a good thing — it will happen,” CZ said. “You think we need 25 years for that to happen? No, I actually don’t think we need 25 years, I think it’s going to happen much quicker.”
CZ continued: “Bitcoin will, for sure, become more important than gold,” adding that large counties would over the years realize that the leading cryptocurrency is a “much better asset.”
Bitcoin’s price started surging last week on news that the U.S. Treasury would at least double the size of its liquidity-support buyback operations. The announcement last week hurt the dollar but non-yielding assets like Bitcoin and gold have benefited.
The price of Bitcoin has jumped nearly 12% over the past seven days, touching as high as $81,160 this week before dropping again to its current price of $80,520.
Bitcoin’s $1.6 trillion market cap is still well below gold’s $32.2 trillion value.
Regarding nation state adoption, CZ said that countries that don’t end up adopting Bitcoin will lose out — just like with other emerging technologies, such as AI.
“If you think about AI, which country doesn’t want to hold the AI technology itself? Not investing in AI technology, not promoting the AI industry in your country, is dangerous for you,” he said.
“Many countries view Bitcoin as this dangerous thing — it’s not. Bitcoin is much more dangerous if you don’t use it: you’re missing out.”
He added that countries making the move to shift into Bitcoin would take time but would eventually happen.