Binance co-founder Changpeng Zhao, also known as CZ, recently predicted that Bitcoin could reach between $500,000 to $1 million in the current market cycle. In an interview with Rug Radio, Zhao emphasized the impact of Bitcoin spot exchange-traded funds (ETFs) on the market, attributing the increasing institutionalization of Bitcoin to the positive price action. Alex Obchakevich, Founder of Obchakevich Research, noted that 70% of Bitcoin’s growth comes from new institutional capital, with ETFs playing a significant role in driving the bullish trend. Zhao further highlighted the growing trend of governments purchasing Bitcoin, citing it as a positive validation for the cryptocurrency. Countries like El Salvador and Bhutan have been actively accumulating Bitcoin, with El Salvador holding nearly 6,170 BTC worth approximately $580 million. In a shift of US policy towards cryptocurrency under a pro-crypto administration, Zhao noted that other countries are likely to follow suit in buying Bitcoin. Retail investors were also advised to consider their choices carefully in light of the cryptocurrency’s potential for growth. The interview with CZ sheds light on the evolving landscape of Bitcoin adoption and investment on a global scale.