Former Binance CEO predicts the transformation of Bitcoin into a universal payment method of the future. Changpeng Zhao (Changpeng Zhao) spoke at the Bitcoin Middle East and North Africa conference in Dubai, where he shared his vision for the future of the first cryptocurrency.
"We should not call it Bitcoin—it’s just money," Zhao declared, emphasizing the growing potential for the digital asset’s use. Despite his recent four-month imprisonment in the USA, the former executive remains optimistic about Bitcoin’s future.
The billionaire believes that Bitcoin adoption at the state level will mathematically increase its value. President-elect Donald Trump plans to create a “strategic Bitcoin reserve”, retaining about 200,000 bitcoins confiscated from criminals, instead of selling them at auction.
“It’s a fantastic decision. A very smart move by the USA that will affect other countries. If the USA does it, others will have to follow suit,” Zhao commented.
The entrepreneur, born in China, considers the emergence of Bitcoin reserves in Hong Kong, which serves as an experimental ground for digital assets for China, as “inevitable.” At the same time, he suggests that China will accumulate bitcoins without public announcements.
According to Zhao’s estimates, 5-10% of consumers currently invest in Bitcoin. “We haven’t yet crossed the chasm, typically at the 20% level. In a few years, we will achieve mass adoption and cover 50-70% of the population,” he stated.
The former head of Binance is confident that Bitcoin’s market capitalization should surpass that of gold, which is currently $17.9 trillion. Such growth would mean a price of $850,000 per bitcoin.
However, on the day that Zhao spoke, news emerged contradicting his optimistic forecasts. Financial Times reported that El Salvador is revoking Bitcoin’s status as legal tender—businesses will no longer be required to accept the cryptocurrency. This decision is related to conditions for receiving multi-billion dollar loans from the International Monetary Fund and the World Bank.