‘Bitcoin is likely to soar 100X or 1,000X in the long term’
Binance CZ said that he is always very bullish on the industry, however, he does not like making short-term forecasts because there may be lots of price fluctuations and the community may misinterpret his words.
The direction is up. He emphasized that he is not giving any financial advice by sharing his opinion, but he is totally confident in the industry in the long run.
The head of Binance reckons that from the current price Bitcoin may go up 100 times or 1,000 times. So assuming the price hits $10,000 now, in a few years, BTC may print an ATH of $100,000 or $1,000,000 or maybe even higher, said CZ.
He is confident in the exponential growth but is not sure when exactly this price surge will happen.
“So if Bitcoin is $10,000 today, in a couple of years, Bitcoin can be $100,000, um, $1,000,000 or more. I think that's all possible, but when it's going to happen I'm not sure."
‘Macro changes to become visible by the end of 2020’
The head of the largest crypto exchange also recalled the factor which, he is certain, will impact the crypto industry by the end of the year.
CZ named the quantitative easing made by the US Fed, and other countries following suit. It will make prices on everything go up by the end of the year, CZ assumed, including such simple product as rice and food in general.
However, there also was the Bitcoin supply cut on May 11, so there are now 50 percent fewer Bitcoins getting injected into the market.
He believes, it is mere logic that the price of Bitcoin should also increase, along with the price of everything else. But then he added that logic does not always work when it comes to the trading market.
“The end of 2020 is like a few months away, kind of midterm in terms of trading goals. So I think those effects would probably kick in and we should see those effects in our industry.”