Binance CEO Predicted Bitcoin Would Reach $10 Million

• Crypto YouTube influencer, JV, recalls CZ’s prediction that Bitcoin would reach $10 million.
• JV of Crypto News Alerts analyzed various aspects of the Bitcoin market development.
• CZ made the $10 million Bitcoin prediction in 2021, following MicroStrategy’s Bitcoin allocation strategy.

JV, a crypto YouTube influencer, remembered CZ’s prediction that Bitcoin would reach $10 million. JV referred to the statement in a recent video uploaded on YouTube, where he analyzed various aspects of the Bitcoin market development.

JV looked back at CZ’s Bitcoin prediction while analyzing Binance CEO’s recent Twitter comments. In a Q&A session on July 5, CZ addressed several issues, including Binance’s reaction to ongoing regulatory scrutiny. He also spoke about the rising interest of institutional investors in cryptocurrencies and the proposed BlackRock ETF.

CZ made the $10 million Bitcoin prediction back in 2021, following MicroStrategy’s announcement of allocating Bitcoin for their corporate strategy. CZ based his analysis on the possibility of several corporate companies across the world allocating 1% of their corporate treasury to Bitcoin. According to CZ, that could lead to a 1000x growth in the value of the flagship cryptocurrency.

JV highlighted CZ’s welcoming approach to institutional investors in the Bitcoin ecosystem. CZ noted the advantages traditional finance firms bring to the crypto industry, despite concerns about their intentions clashing with Bitcoins’ decentralized nature.

According to JV, CZ identified two key factors driving Binance’s strategy for the next eighteen months. They include the upcoming Bitcoin halving event and the growing interest of institutional investors in the crypto industry. He noted that both factors would lead to Binance bracing up for higher trading volumes.

The Bitcoin community expects the next halving event to happen in April 2024, less than ten months from the time of writing. It is an aspect of the Bitcoin algorithm designed to control inflation and promote Bitcoin scarcity. Past halving events resulted in significant growth in the value of Bitcoin, and users expect a similar scenario when the next Bitcoin halving occurs.