The price of Bitcoin (BTC) could rise to levels from $500,000 to $1 million by the end of the current cycle, said Binance crypto exchange founder Changpeng Zhao on the Rug Radio podcast, which is part of the Decrypt group of companies. He clarified that he is not certain about the duration of the cycle itself.
In response to the host's question about what the total market capitalization of cryptocurrency will be by the end of this year, Zhao mentioned $5 trillion but emphasized that this is a forecast for the end of the cycle, not the end of the year. According to him, it is becoming increasingly difficult to predict its duration.
The host's question about the maximum price of Bitcoin in this cycle was described by Zhao as very difficult. He stated that, in his opinion, it is 'somewhere between $500,000 and a million.'
As of 1:00 PM Moscow time on May 6, the price of Bitcoin is around $94,100. Over the day, the first cryptocurrency has decreased by 0.5%, but over the last month, it has increased by 13%.
After stepping down as head of Binance and spending four months in detention in the US, Zhao focused on consulting in the cryptocurrency sector. He met with the Prime Minister of Malaysia to discuss the development of the local crypto market and was appointed an advisor on digital assets in Pakistan and Kyrgyzstan.
Despite the fact that Zhao does not hold official positions at Binance, he continues to work closely with the exchange. Among other things, Zhao advised the government of Kyrgyzstan to include Bitcoin and the native token of the Binance ecosystem BNB (BNB) as the first cryptocurrencies to form a national crypto reserve.
Amid a general decline in cryptocurrency prices, on May 6, BNB showed a slight increase: 1% over the day. As of 1:00 PM Moscow time, the token is trading around $596. This is approximately 25% lower than the historical maximum of $788 set in early December 2024.
At the end of April, ARK Invest raised its price forecast for Bitcoin from $500,000 to $2.4 million by 2030, depending on market conditions. A company analyst noted that this estimate highlights the scarcity of Bitcoin, limited to 21 million, and depends on capital inflows into the asset.