Binance co-founder Changpeng “CZ” Zhao predicts that Bitcoin could reach $500,000 to $1 million in the current market cycle. He emphasized the impact of Bitcoin spot ETFs in attracting institutional money to the crypto market. Zhao mentioned that the majority of US investments in Bitcoin are institutional. Alex Obchakevich from Obchakevich Research stated that 70% of Bitcoin's growth comes from new institutional capital. Zhao also noted the increasing trend of governments buying Bitcoin, citing El Salvador and Bhutan as examples. He highlighted the shift in the US towards a more pro-crypto stance under the current administration. Zhao mentioned that retail investors had ample time to invest in Bitcoin and that their delay was a personal choice. Overall, the rise of ETFs and institutional investments are driving Bitcoin's price surge, with governments also joining the trend. Read more AI-generated news on: https://app.chaingpt.org/news

#BTC #ETF #CZ