Key Takeaways
- • Binance founder Changpeng Zhao (CZ) said at Bitcoin Asia 2026 in Hong Kong that Bitcoin could reach $1 million sooner than many investors expect, stating "I actually don't think we need 25 years."
- • Zhao cited institutional adoption, expanding financial infrastructure, and potential national reserve use as drivers, and said Bitcoin would need large-scale payment adoption and pension fund reserve allocation.
- • Zhao expects Bitcoin to overtake gold, which he estimated has roughly ten times Bitcoin's market value, potentially during the next bull run.
- • Zhao recommended governments consider a diversified crypto reserve: Bitcoin above half the portfolio, Ethereum at roughly 10% to 20%, and BNB and other leading assets for the remainder.
- • Ric Edelman estimates BTC could reach $500,000 if the world allocated 1% of combined investable assets to Bitcoin, and $1 million at a 2% allocation, while 10x Research's Markus Thielen questions feasibility by 2030 given an implied $20.1 trillion market cap.
Summary
Binance founder Changpeng Zhao (CZ) told attendees at Bitcoin Asia 2026 in Hong Kong that Bitcoin could reach $1 million sooner than many investors expect. Asked whether the asset could hit that level within the next 25 years, Zhao said, "I actually don't think we need 25 years. I think it's going to happen much quicker." He attributed the outlook to growing institutional adoption, expanding financial infrastructure, and the potential role of cryptocurrency in national reserves.
Zhao cautioned that long-term success would depend on more than price appreciation. He said Bitcoin needs "payment adoption to happen well on a massive scale" and needs to become a retirement pension fund reserve asset. He also reiterated his view that Bitcoin will eventually surpass gold in importance. He acknowledged that major economies already have established systems for valuing, storing, and managing gold, so governments would need comparable Bitcoin infrastructure before materially changing reserve strategies. He estimated gold's market value at roughly ten times Bitcoin's and said Bitcoin could overtake the metal "in the next bull run."
Zhao also recommended that governments consider a diversified cryptocurrency reserve in which Bitcoin would account for more than half of holdings, Ethereum approximately 10% to 20%, and BNB and other leading assets the remainder.
Zhao joins other prominent figures who have outlined scenarios for $1 million Bitcoin. Speaking at The Bitcoin Treasuries Conference, Ric Edelman, founder of Edelman Financial Engines, said global investment flows could drive the price. He estimated BTC could reach $500,000 if investors allocated 1% of their combined assets to the cryptocurrency, and $1 million at a 2% allocation.
Skeptics remain. Markus Thielen, head of research at 10x Research, has questioned the mathematical feasibility of $1 million Bitcoin by 2030. Based on an estimated circulating supply of about 20.1 million BTC, that price would imply a market capitalization of roughly $20.1 trillion. Separately, Bloomberg Intelligence senior commodities strategist Mike McGlone has described crypto as a "dead" asset class and predicted Bitcoin could fall to $10,000. On October 9, he reiterated his warning, citing elevated US Treasury yields as a risk to Bitcoin and other speculative assets.
At press time, Bitcoin was trading at $82,147, up 1.09% over the prior 24 hours.
Zhao cautioned that long-term success would depend on more than price appreciation. He said Bitcoin needs "payment adoption to happen well on a massive scale" and needs to become a retirement pension fund reserve asset. He also reiterated his view that Bitcoin will eventually surpass gold in importance. He acknowledged that major economies already have established systems for valuing, storing, and managing gold, so governments would need comparable Bitcoin infrastructure before materially changing reserve strategies. He estimated gold's market value at roughly ten times Bitcoin's and said Bitcoin could overtake the metal "in the next bull run."
Zhao also recommended that governments consider a diversified cryptocurrency reserve in which Bitcoin would account for more than half of holdings, Ethereum approximately 10% to 20%, and BNB and other leading assets the remainder.
Zhao joins other prominent figures who have outlined scenarios for $1 million Bitcoin. Speaking at The Bitcoin Treasuries Conference, Ric Edelman, founder of Edelman Financial Engines, said global investment flows could drive the price. He estimated BTC could reach $500,000 if investors allocated 1% of their combined assets to the cryptocurrency, and $1 million at a 2% allocation.
Skeptics remain. Markus Thielen, head of research at 10x Research, has questioned the mathematical feasibility of $1 million Bitcoin by 2030. Based on an estimated circulating supply of about 20.1 million BTC, that price would imply a market capitalization of roughly $20.1 trillion. Separately, Bloomberg Intelligence senior commodities strategist Mike McGlone has described crypto as a "dead" asset class and predicted Bitcoin could fall to $10,000. On October 9, he reiterated his warning, citing elevated US Treasury yields as a risk to Bitcoin and other speculative assets.
At press time, Bitcoin was trading at $82,147, up 1.09% over the prior 24 hours.
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