Changpeng Zhaothe founder of the world’s largest Cryptocurrency exchange, Binancedeclared on Monday that Bitcoin (CRYPTO:BTC) would transition from a speculative investment to a utility asset over the next decade.
What happened
During the Bitcoin MENA Conference in Abu Dhabi, Zhao, popularly known as CZ, expressed confidence that public opinion on the currency would eventually shift from $100,000 prices and milestones to something with tangible use cases.
“I think it’s the future of money, so it should be used as a utility. Later, we shouldn’t call Bitcoin, it’s just money,” CZ commented.
He hoped that with more nations adding Bitcoin to their reserves, the price of the asset would mathematically increase, which could lead to new uses.
CZ SAYS #BITCOIN YOU HAVE NO LIMIT TO HOW HIGH IT CAN GO 👀🚀 pic.twitter.com/VvG46TJNQF
— Bitcoin MENA Conference (@bitcoinmenaconf) December 9, 2024
CZ declined to give a precise price forecast, but did say that the leading cryptocurrency could “go to the moon” in the next decade and a half. “I really feel like there are no limits.”
Why is it important
Since the presidential victory of donald trumpLast month, Bitcoin has seen a boom and, thanks to major political announcements such as new appointments in the US administration, the currency recently surpassed the $100,000 milestone.
In fact, this price rally has given CZ a major boost to his wealth after a year filled with legal problems and time in prison.
The former CEO of Binance served a four-month sentence for anti-money laundering law violations. He paid a $50 million fine and resigned from the company’s top job last year, ending an investigation that had dragged on for several years.
CZ’s incarceration made headlines as he is one of the richest people to ever serve time in a US federal prison.
Photo courtesy of Flickr/Web Summit
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