Bitcoin Could Reach $1 Million, CZ Says
Former Binance chief executive Changpeng Zhao said Bitcoin could reach $1 million in less than 25 years and eventually surpass gold in importance. Speaking at a Bitcoin conference in Hong Kong, Zhao said gold’s market capitalisation is about 10 times larger than Bitcoin’s and predicted that sovereign reserves would gradually shift towards digital assets. He expects Bitcoin to represent more than half of strategic crypto holdings, alongside Ethereum and BNB.
The forecast followed a 27% two-week Bitcoin rally. Bitcoin rose from below $65,000 on 18 August to under $79,000 on 28 August, but remained below its October 2025 peak above $126,000. CryptoQuant’s Bull Score also climbed from 30 to 80. It identified a daily close above the 365-day moving average near $83,000 as potential confirmation of a new Bitcoin bull-market phase.
Zhao’s outlook is more bullish than Coinbase chief executive Brian Armstrong’s revised estimate of $300,000-$400,000, although Armstrong has said Bitcoin could reach $100,000 by year-end. Zhao has made accurate and inaccurate cycle forecasts before, so traders should treat the $1 million Bitcoin target as a long-term opinion rather than a near-term signal. The $83,000 level remains an important technical threshold.
Bullish
The news is moderately bullish for Bitcoin because a prominent industry figure expects it to reach $1 million and eventually challenge gold’s market position. The forecast may strengthen long-term investor confidence, particularly alongside the reported rise in CryptoQuant’s Bull Score from 30 to 80 and Bitcoin’s recent 27% rally.
In the short term, however, the comments are unlikely to create a reliable price catalyst. The prediction is personal, lacks a specific timeline and follows a substantial rebound, which may already be reflected in market prices. Bitcoin remains below its previous record high, and traders are watching the daily 365-day moving average near $83,000. A sustained close above that level could support further momentum, while rejection could trigger profit-taking or renewed consolidation. Zhao’s mixed record on market-cycle predictions also limits the signal’s reliability. Overall, the news supports bullish long-term sentiment but has a less certain immediate effect.