Changpeng Zhao (CZ), the CEO of Binance, recently stated that 1.4 billion people are working on getting bitcoin to $16,000. And, this upswing is currently in the works.
The CEO of the largest cryptocurrency exchange in the world, CZ, believes that a price of $16,000 per bitcoin will happen “soon-ish.” Zhao maintains that there are currently 1.4 billion people working towards getting this cryptocurrency to reach higher highs.
“Price predictions are easy. It’s just hard to be right about the timing.”
The comments come after the predictions an anonymous 4chan users had for bitcoin turned out to be wrong. On Jan. 21, the 4chan user said that bitcoin had bottomed out and revealed several bullish targets.
By April, the individual expected bitcoin to hit $5,300, which indeed occurred. Bitcoin then surged over $9,200, validating his target for July. However, as October ended and BTC did hit $16,000, his predictions were nullified.
One of the most intriguing things from Zhao’s remarks is that he emphasized that 1.4 billion people were working on getting bitcoin to $16,000. But, who is he referring to?
In June, the Russia-based cybersecurity firm Kaspersky Lab released the key findings of a survey named “The Kaspersky Cryptocurrency Report 2019.” The firm interviewed nearly 13,500 people in 22 different countries about their familiarity with cryptocurrencies.
Kaspersky concluded that 19% of the world’s total population had purchased cryptocurrencies. This represents approximately 1.4 billion people, which aligns with the comments that Binance’s CEO made about who is behind the price of bitcoin.
Zhao could also be referring to China, the most populous nation in the world with nearly 1.4 billion residents. The announcement made by President Xi Jinping about getting his country to “take the leading position in the emerging field of blockchain” also resonates with Zhao’s statement.
Zhao may be putting a lot of weight behind China’s role in controlling the pioneer cryptocurrency. In late October, Zhao explained how a series of events related to China influenced bitcoin’s market value.
According to Zhao:
“In Oct 2013, China CCTV first featured bitcoin, BTC hit its ATH 2 months later in Dec. at $1,000. In Jan. 2016, Chairman of Central Bank of China says Blockchain is important. Bitcoin companies in China suddenly all became blockchain companies. And thankfully, the price started to recover, and lead into the altseason in 2017, as well as BTC ATH again at $20,000 in Dec.”
Despite the bold statement, the reality is that nobody knows who is behind the price of bitcoin and where it is heading next. Zhao’s remarks can be taken into consideration in terms of the impact that China has on this cryptocurrency. It remains to be seen if President Xi’s decision to embrace blockchain technology will have the same outcome Zhao has been predicting the last few years.
Last modified: June 12, 2020 6:47 PM UTC