Binance CEO Changpeng Zhao says the world is unprepared for the flood of interest that is set to enter the crypto market.
In a conversation with Bloomberg Radio, Zhao comments on the upward potential of Bitcoin and the growth in users his exchange is facing.
Zhao tells Bloomberg Radio that as more institutions like Tesla and MicroStrategy start to allocate to Bitcoin, the cryptocurrency could explode in price.
“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.”
The Binance CEO estimates that the flagship cryptocurrency could go up from anywhere between 1,900% and 19,900% from current price levels.
“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.”
Zhao also reveals that the exchange is onboarding new users at an unprecedented and sustained rate during this bull run, outpacing its user growth during the 2017 bull run.
“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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