$BTC - 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 governmental 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 exchange-traded funds (ETFs) in this rise, stating that the increasing institutionalization of Bitcoin is a positive thing for the market:

"There are the ETFs. There is this institutionalization of Bitcoin [ ... ] it is 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 stated that "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 emphasized the role of ETFs in pushing the price of Bitcoin upwards:

"ETFs, especially Bitcoin ETFs, are a key engine of the uptrend, but with small volatile corrections."

Governments are also in the game

Zhao also noted that governments are increasingly buying Bitcoin, which "is really good for price action." He added:

"It is also a very good validation."

His comments come after several countries have accumulated Bitcoin.