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Will Bitcoin reach a million dollars?

If you ask Changpeng 'CZ' Zhao — the founder of the Binance exchange — the answer may surprise even the most optimistic investors. In his first candid interview since stepping down as CEO and concluding the high-profile federal proceedings in the USA, CZ shared the most bullish forecast of his career. In his opinion, the current bull cycle could take Bitcoin to levels — from 500,000 to even 1,000,000 dollars for one BTC. Recently, a similar opinion was expressed by Ark Invest.

In a two-hour conversation with Farokhi Sarmad during the Token2049 conference in Abu Dhabi, CZ laid out his thesis: Bitcoin is no longer just a speculative asset. Today, it is becoming a part of the financial infrastructure, and three key factors, according to Zhao, have a huge impact on its future valuation:

- Spot ETFs and a wave of institutional purchases

"Most of the money in the USA is institutional money," said CZ. "ETFs are game changers. They allow pension and university funds to legally invest in Bitcoin."