Bitcoin price prediction debates have resurfaced after Binance co-founder Changpeng “CZ” Zhao said BTC could climb to between $500,000 and $1 million during the current market cycle.
Speaking during a Rug Radio interview published on May 5, Binance CZ said several long-term tailwinds are converging, from U.S.-approved spot Bitcoin ETFs to government-level Bitcoin purchases, all of which are tightening the supply and pulling demand into regulated pipelines.
“There’s the ETFs. There’s this institutionalization of Bitcoin,” CZ said. “It’s a positive in terms of price action, obviously. Our bags are up, not the alt-coins as much, but at least Bitcoin is.”
Institutional Capital Reshaping the Market
According to sources, since January 2024, U.S.-based spot Bitcoin ETFs have collectively brought in billions in assets under management. According to Bloomberg ETF analyst Eric Balchunas, funds like BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC) are seeing daily inflows exceeding traditional equity ETFs, suggesting Bitcoin is gaining mainstream asset status.
At the time of CZ’s comments, Bitcoin as trading around $95,000. By May 8, it had climbed above $99,500, just shy of the $100K milestone, fueled by a combination of ETF-driven interest and macroeconomic signals.
A confirmed U.S.–UK trade agreement and speculation over easing U.S.–China trade tensions have also added short-term momentum. Barron’s analysts said a potential breakthrough in U.S.-China relations could further support Bitcoin’s narrative as a geopolitical hedge.

Government Accumulation: El Salvador and Beyond
CZ pointed to government Bitcoin purchases as a major catalyst. He referenced El Salvador’s consistent accumulation strategy, highlighting the country’s latest purchase of 7 BTC in April 2025. That brings its national treasury to 6,170 BTC, worth nearly $580 million at current prices.
“Some governments are buying Bitcoin,” Binance CZ said. “They see it as a good investment… other governments will follow.”
In addition to El Salvador, the Central African Republic and Bhutan have explored similar strategies. Bhutan’s sovereign wealth fund, for example, was found in 2023 to have quietly invested millions in Bitcoin and Ethereum as early as 2020.
What Analysts Are Saying
While Binance CZ’s Bitcoin price prediction of $500K to $1M is the most aggressive among current outlooks, it’s not entirely out of sync with other high-end forecasts.
Joe Burnett, head of market research at Unchained, recently said in a May 2025 report that he expects Bitcoin to hit $250,000 by year-end, citing its monetary superiority over fiat currencies.
“Governments will race to accumulate Bitcoin in a sovereign arms race,” Burnett wrote. “There’s no stronger financial defense than controlling a provably scarce asset.”
Meanwhile, price models from Changelly put Bitcoin’s average 2030 price around $830,000, with potential highs of $932,000 if supply-side constraints persist and demand continues to scale through ETFs and state-level adoption.
Retail Still in the Game?
Despite rising prices, Binance CZ argued that retail investors have had ample time to enter the market.
“Retail had 15 years to buy. If you missed it, that’s your choice,” he said, noting that early believers had “many chances.”
Yet retail interest appears far from over. Coinbase data shows new user registrations rising over 70% since January. Meme coins and AI-driven tokens have seen speculative flows, though Binance CZ was quick to criticize many of these as “lacking substance.”
He did, however, express optimism about AI and decentralized science (DeSci), stating that he sees long-term potential in these sectors as “fundamentally disruptive.”

Risks and the Path Forward
Despite bullish sentiment, the market still faces hurdles. Bitcoin remains sensitive to interest rate changes, regulatory decisions, and potential ETF outflows. In the past, similar speculative peaks have led to violent corrections.
But unlike prior cycles, today’s environment is different. U.S.-regulated ETFs are absorbing supply, sovereign players are buying in, and U.S. states like New Hampshire are proposing strategic Bitcoin reserves, a move that, if passed, could become precedent for other local governments.
Conclusion
With Bitcoin hovering just below $100,000, Bitcoin price predictions ranging from $500K to $1M are no longer dismissed as fantasy. Binance CZ’s projection adds weight to the idea that this cycle may play out differently, not just because of retail FOMO, but because of ETF pipelines, government interest, and macro shifts that favor provably scarce assets.
Follow us on Twitter and LinkedIn, and join our Telegram channel.
FAQs
What is Binance CZ’s Bitcoin price prediction?
Binance CZ believes Bitcoin could reach between $500,000 and $1 million during the current market cycle, driven by ETF adoption and government accumulation.
Why are ETFs important for Bitcoin’s price?
Spot ETFs allow institutions to invest in Bitcoin through regulated channels, which increases demand and adds price stability through consistent inflows.
Which countries are buying Bitcoin?
El Salvador, Bhutan, and the Central African Republic have publicly disclosed Bitcoin holdings. More countries are reportedly exploring similar strategies.
Is retail participation in Bitcoin still growing?
Despite rising prices, retail exchanges are seeing a surge in new users, though many institutional players now dominate large-volume trades.
Can Bitcoin still crash despite bullish predictions?
Price volatility remains a risk. Regulatory changes, interest rate decisions, or ETF outflows could still lead to corrections.
Glossary
Bitcoin (BTC) – A decentralized digital currency secured by cryptography and powered by a peer-to-peer network.
Bitcoin ETF – A regulated investment fund that tracks the price of Bitcoin, allowing institutional investors to gain exposure without direct custody.
Institutional Adoption – The process where large financial entities like banks, hedge funds, or governments start using or investing in Bitcoin.
Sovereign Wealth Fund – A state-owned investment fund that manages national reserves or surplus capital for strategic investments.
DeSci (Decentralized Science) – A movement focused on democratizing scientific research and funding using blockchain technology.