Changpeng Zhao – the CEO of Binance, arguably the largest and most popular cryptocurrency trading platform in the world – has joined the ranks of Ross Ulbricht, Charles Hoskinson and Tim Draper to claim that bitcoin will soon break the six-figure mark.
Changpeng Zhao Thinks BTC Will Go All the Way
Many analysts seem to have predicted that bitcoin, the world’s number one cryptocurrency by market cap, will reach $100,000 or more. Both Ross Ulbricht – the runner and founder of dark web marketplace Silk Road – and Charles Hoskinson – the co-founder of Ethereum, bitcoin’s primary competitor – predicted last year that the currency would soon reach $100,000.
Tim Draper, a venture capitalist and bitcoin bull, has also been adamant that bitcoin would reach the six-figure level, initially predicting that the currency would hit a figure of $250,000 in the year 2022 or 2023. He later did the unthinkable and pulled his prediction back to the year 2020, saying that this number would appear sometime in the coming months.
While this might seem a little unrealistic – especially now, considering its drop due to coronavirus panic – other people are entering the six-figure bitcoin train and predicting big things for the cryptocurrency. On Twitter, Zhao commented that bitcoin would reach a market cap of roughly $2 trillion in the coming months, which would place the total of one unit of BTC at $100,000.
As we get used to talk about trillions, a modest $2 trillion market cap of bitcoin will put one bitcoin at $100,000. Not such a hard to image number now, right?
Zhao is basing his ideas off the fact that the U.S. Senate has recently approved a $2 trillion economic stimulus package designed to bring America’s markets back up to speed. With the Federal Reserve and central banks now putting so much money back into the economy, he believes bitcoin is going to surge in ways nobody could have anticipated.
However, the House of Representatives still must vote on and approve the package before it can make its way into President Donald Trump’s hands for a final say.
Nevertheless, Richard Rosenblum – co-head of trading at GSR – is confident that things will go according to plan for bitcoin and comments:
Generally, sentiment still seems rather strong. People are cautiously thinking that China is out of the woods, and the halving is still approaching.
Some Still Feel Bearish
Others, however, aren’t too sure about what will happen in the immediate future, and express doubt that the halving will hold much sway for bitcoin considering its been so affected as of late. Danny Scott – chief executive of Coin Corner – stated:
We had started to see the sentiment towards bitcoin change, back to that similar of late 2016/ early 2017. Then came COVID-19… This forced all the markets to drop, including bitcoin, which fell alongside gold and the financial markets.