The recent price surge of Bitcoin to a new all-time high has attracted widespread attention from investors and the media. In this context, Binance co-founder – Changpeng Zhao (CZ) – made noteworthy comments on the social media platform X, emphasizing that the current price points of Bitcoin may just be 'faint footprints' in the long development journey of this digital currency.
From the $1,000 mark in 2017 to over $122,000 now
CZ recalls his investment journey into Bitcoin since 2014 when he bought BTC at a very low price and held it until 2017 – when the price reached $1,000, a significant milestone marking the initial maturity of the cryptocurrency market. However, the price once considered 'sky-high' is now just an insignificant number compared to the current value.
As of the time of writing, the price of Bitcoin has surged to $122,156, which is more than 122 times the $1,000 mark that CZ witnessed. Even earlier this week, Bitcoin set a new peak at $123,090, indicating that the strong upward trend shows no signs of stopping.
Spot ETF – Launchpad for historic growth
One of the key factors driving this growth wave is the approval of spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC) earlier in 2024. This is seen as a historic milestone, opening the door for massive capital inflows from mainstream institutional investors into the crypto market.
Since that time, the price of Bitcoin has increased by over 215%, thanks to strong backing from major financial institutions. This has not only boosted market confidence but also changed how analysts assess the real value and long-term potential of Bitcoin.
Today's peak price may be tomorrow's bottom
Theo CZ, the current trend shows that what was once considered a 'peak' will quickly be surpassed and become a support foundation for the next growth phases. This is not only an optimistic observation but also a testament to the changes in the structure and vision of the crypto market in general.
In the context of increasing participation from traditional financial institutions, along with improving legal clarity, the crypto market is undergoing a strong reshaping period. The current high price points may just be the starting point for a new long-term growth phase.
Conclusion: Bitcoin is rewriting the definition of 'price peak'
CZ's recent comments reflect a strategic view on the long-term development of Bitcoin. Instead of considering the current price levels as peaks, investors and analysts are beginning to see them as a support base for the next growth phases in the future.
Bitcoin, with increasing support from institutions and improvements in the legal framework, could continue to break traditional limits on market cycles and open a new chapter for the global digital asset market.
"Don't let today's prices deceive you — in a few years, they may just be the foundation." – Changpeng Zhao.