Binance’s CZ: $10M Bitcoin Price Doesn’t Shock Me

With bitcoin renewing its momentum and continuing on the upward surge, breaking the $61,000 mark, several market analysts are concerned if the digital asset is fairly priced at these levels.

Changpeng Zhao, the CEO of leading cryptocurrency exchange, Binance, popularly known as “CZ”, has recently opined that he would not be surprised if bitcoin hits $10 million per unit.

While speaking to Business Today, CZ noted that bitcoin’s price is largely determined by the number of people trading it, as the cryptocurrency is listed in thousands of exchanges across the globe. Therefore, any price is fair.

He said,

” This is similar to ask if Tesla’s stock price is fair. It is very hard to tell. Bitcoin is traded on many different exchanges in the world. It’s traded by probably hundreds of millions of users today, so the price is determined by trading. I believe any price is fair.”

According to CZ, bitcoin mainstream adoption is yet to occur. He pointed out that the number of those currently using bitcoin compared with those who can potentially utilize the digital asset is very low.

He also added that the current market conditions give strong evidence that bitcoin still has a lot of room for growth. Therefore, it would not come as a surprise to him if bitcoin gets to $10 million in the future.

CZ said,

” A hundred-thousand, two-hundred thousand or 1 million US dollars, these numbers do not shock me. Even 10 million dollars does not shock me… But whether we can get there or not, I am not sure, no one can predict it.”

Demand For Bitcoin Increases As Supply Limit Nears

As the top cryptocurrency edges closer and closer to its total Supply Cap, the demand for bitcoin continues to increase. With 88.8% of the coin’s estimated limit already mined, investors are clamoring for more.

Both individual and institutional investors are joining the bitcoin mania every day. Some investors go as far as liquidating their traditional assets and channeling the proceeds to bitcoin. 

Popular bitcoin critic, Peter Schiff, recently threatened to disinherit his son who had converted all his Silver holdings to Bitcoin.