Binance founder Changpeng Zhao “CZ” believes Bitcoin (BTC) could reach $1 million sooner than many investors expect, citing growing institutional adoption, expanding financial infrastructure, and the cryptocurrency’s potential role in national reserves.
Speaking at Bitcoin Asia 2026 in Hong Kong, Zhao said Bitcoin would not need another 25 years to reach the milestone. He expects broader adoption to accelerate as financial institutions and governments increasingly recognize the asset’s potential.
“I actually don’t think we need 25 years. I think it’s going to happen much quicker,” Zhao said when asked whether Bitcoin could reach $1 million within the next quarter-century.
However, he emphasized that Bitcoin’s long-term success would depend on more than price appreciation, pointing to widespread payment adoption and the possibility of pension funds holding BTC as a reserve asset.
“I think we need Bitcoin payments to happen well on a massive scale. I think we need Bitcoin to be a retirement pension fund reserve,” he added.
Zhao also reiterated his belief that Bitcoin will eventually surpass gold in importance, arguing that governments could increasingly consider the cryptocurrency when managing national reserves.
In his viiew, the transition will take time because major economies already have established systems for valuing, storing, and managing gold. Governments would need to develop comparable infrastructure for Bitcoin before significantly changing their reserve strategies.
Nevertheless, he believes the gap between the two assets leaves room for Bitcoin to catch up. He estimated that gold’s market value was roughly ten times that of Bitcoin and suggested the cryptocurrency could overtake the precious metal during the next bull run.
“I think Bitcoin will overtake gold pretty soon,” he said. “In the next bull run, it could happen.”
Zhao also recommended that governments consider holding a diversified cryptocurrency reserve. Under that approach, Bitcoin would account for more than half of the portfolio, Ethereum would receive approximately 10% to 20%, and BNB and other leading assets would make up the remainder.
Notably, Zhao joins several prominent investors who have outlined scenarios in which Bitcoin reaches $1 million.
Speaking during The Bitcoin Treasuries Conference last week, Ric Edelman, Ric Edelman, founder of Edelman Financial Engines, sees global investment flows as a potential catalyst for Bitcoin’s rise to $1 million. He estimates that BTC could reach $500,000 if investors directed 1% of their combined assets into the cryptocurrency, with a 2% allocation potentially doubling that valuation.
“If the world that owns all of those assets just allocates 1% of their portfolio to Bitcoin, that’s $500,000. If the world owns 2%, then it’s a million,” Edelman said.
However not everyone expects Bitcoin to reach $1 million, particularly within the next few years.
Previously Markus Thielen, head of research at 10x Research has questioned the mathematical feasibility of Bitcoin reaching that level by 2030. Based on an estimated circulating supply of approximately 20.1 million BTC, a $1 million price would imply a market capitalization of roughly $20.1 trillion.
That would require Bitcoin to add trillions of dollars in market value over a relatively short period, making the target difficult to achieve, according to Thielen’s assessment.
Last week, Bloomberg Intelligence senior commodities strategist Mike McGlone predicted Bitcoin could fall to $10,000, describing crypto as a “dead” asset class. On October 9, he reiterated the warning, noting that elevated US Treasury yields could signal further risks for Bitcoin and other speculative assets, questioning whether the market weakness was a buying opportunity or the start of a deeper decline.
At press time, Bitcoin was trading at $82,147, reflecting a 1.09% surge in the past 24 hours.
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