#squarecreator - The founder of Binance said that Bitcoin could reach up to one million dollars this market cycle.

Changpeng Zhao expects Bitcoin to reach between USD 500,000 and USD 1 million in this market cycle, driven by institutional adoption, increasing government accumulation, and a pro-cryptocurrency U.S. policy.

The co-founder of Binance, Changpeng "CZ" Zhao, expects the price of Bitcoin to peak between USD 500,000 and USD 1 million during this market cycle.

During an interview with Rug Radio published on May 5, Zhao said he expects Bitcoin to reach up to one million dollars during this market cycle. He also highlighted the role of Bitcoin spot ETFs in this rise, stating that the growing institutionalization of Bitcoin is a good thing for the market:

"There are ETFs. There is this institutionalization of Bitcoin [ ... ] it's positive in terms of price action, obviously. Our exchanges have risen, not so much alt-coins, but at least Bitcoin has."

Zhao explained that ETFs are "bringing traditional money from institutions into the crypto sector" and "most of the money in the U.S. is institutional money." He said, "Bitcoin is rising because most ETFs are Bitcoin-based."

The founder of Obchakevich Research, Alex Obchakevich, told Cointelegraph that "70% [of Bitcoin's growth] is new institutional capital, the rest is just a redistribution of crypto assets." He highlighted the role of ETFs in driving the price of Bitcoin upwards:

"ETFs, especially Bitcoin ETFs, are a key driver of the bullish trend, but with small volatile corrections."

Governments are also in the game

Zhao also emphasized that governments are increasingly buying Bitcoin as well, which "is really good for price action."