Binance's CZ Reaffirms His $1,000,000 Bitcoin Prediction, But Here’s Catch

• CZ reaffirms his $1-million Bitcoin forecast, here's nuance
• Dormant Satoshi-era wallets move 30,000 BTC Changpeng Zhao (frequently known as CZ), a co-founder and former CEO of the Binance exchange, has reacted to an X post mentioning his recent $1-million-Bitcoin-price prediction made earlier this year during his visit to Pakistan.

It seems that CZ still believes Bitcoin is definitely going to $1,000,000. How soon, will it happen, though?

CZ reaffirms his $1-million Bitcoin forecast, here's nuance

Today, Zhao reacted to a tweet, which mentioned his prediction that Bitcoin is heading for $1,000,000 per coin this cycle. CZ asked the author of the post to define what “this cycle” is, adding a “grinning face with smiling eyes” emoji.

The author of the post, @UmairNauman_, likely referred to a prediction made by CZ in the middle of April this year during his visit to Pakistan, where he gave an interview to the head of the recently formed crypto council - Bilal bin Saqib.

In that conversation, CZ dropped a prediction that he expects Bitcoin to skyrocket to a value somewhere between $500,000 and $1,000,000. The main reason for this, he believes, is that in the future governments will start accumulating Bitcoin and those who are early to begin to do that will benefit since they will get to buy Bitcoin cheaper than those who join in at a later stage.

While CZ did not specify himself what he meant by “this cycle”, he said that he does not expect Bitcoin to reach $1 million this year, saying that it is likely to happen “over time.”

He added that the crypto industry is still at the very beginning and good things require a lot of time and patience.

Dormant Satoshi-era wallets move 30,000 BTC

Whale Alert blockchain sleuth reported that three major BTC wallet had awakened after 14.2 years of dormancy. One had awakened just now and the other two were reactivated around eight hours ago.

Each of them contained 10,000 BTC worth around $1,100,000,000 now. Back in 2011, that amount of BTC was valued at $7,792 and $34,023, per the aforementioned on-chain data source.

After awakening, those earlier two wallets transferred the BTC they contained to anonymous wallets. The long hibernation of these addresses could have happened either because the owners had lost their private keys and just found them or because they patiently waited for a perfect price to sell their holdings.