The CEO of Binance Changpeng Zhao has said that the world is not ready for the amount of interest that is about to enter the crypto market.
In a recent conversation with Zhao on the Bloomberg Radio show, he mentioned the the upward trend of Bitcoin and the amount of users his exchange is dealing with.
Zhao also tells Bloomberg Radio show that as more institutions start to embrace Bitcoin just like Tesla and MicroStrategy has done, the crypto currency could explode in value.
“Right now, I think only 11 companies have announced they are allocating some, like usually less than 1% of their corporate treasury, to Bitcoin. And we think that is most likely what caused the initial price rise. I think Microstrategy’s Michael Saylor started it first. But there are 650,000 companies in the world… like relatively established companies in the world. And their treasury is huge.
If all of them only allocated 1% to Bitcoin we are going to see, I don’t know, 1,000x more growth in Bitcoin price. And if they allocate more than 1%, that’s going to be even bigger. So I think people don’t quite get the magnitude of the wave that is about to hit us.”
Zhao, the CEO of Binance has estimated that Top Dog cryptocurrency Bitcoin could go upwards from anywhere between 1900% and 19000% from the current price levels Bitcoin is at.
“With price predictions, it’s really, really difficult. I think it could go to, I don’t know, £1 million, £10 million. It’s very hard to tell.”
He also states that the Binance Exchange is taking on new users at a very high rate during this 2021 bull run we’re having.
“Just to give people an idea, in 2017 when Bitcoin hit the peak of about $20,000 we were seeing 300,000 new registered users per day. And that only happened for a couple of days and then it kind of trailed off and became slower. Now we are seeing sustained new user registrations above that peak and sustained over like the last 2-3 months. And it’s increasing.”
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