CZ Says $1 Million Bitcoin Won’t Take 25 Years – What Must Happen First

At Bitcoin Asia 2026 in Hong Kong, Binance founder Changpeng Zhao (CZ) argued that a $1 million Bitcoin price is unlikely to require 25 years. He said the price itself is “the easy part” and that broader utility is the real driver.

Key Utility Milestones

CZ listed three concrete steps that must occur for Bitcoin to reach the $1 million level:

• Widespread use of Bitcoin for mass‑scale payments.
• Inclusion of Bitcoin in retirement and pension fund portfolios.
• Adoption of Bitcoin by governments as part of strategic reserves.

Timeline and Infrastructure

He expects the core infrastructure needed for these use cases to be built within the next ten years. Some progress is already evident: in August 2025 the United States opened the door for crypto in 401(k) plans, and a March 2025 executive order created a Strategic Bitcoin Reserve from seized coins.

Price Context

Bitcoin was trading around $79,300 at the time of the interview, meaning a $1 million target would require roughly a 13‑fold increase. Historically, Bitcoin moved from about $5,000 in March 2020 to $69,000 by late 2021, showing it can experience large gains in a short period.

Comparison with Gold

CZ warned that ignoring Bitcoin could be as risky as ignoring AI, and he expects Bitcoin to eventually surpass gold in importance. He noted that gold’s market value is roughly ten times Bitcoin’s current market cap, but a $1 million price would value Bitcoin at about $20 trillion—still below today’s gold valuation.

Broader Crypto Allocation

For governments looking to allocate to crypto, CZ suggested a simple basket: take the top five cryptocurrencies by market cap, exclude stablecoins, and weight them proportionally. This would result in roughly 50 % Bitcoin, up to 20 % Ethereum (ETH), and a portion of Binance Coin (BNB).

Contrasting Views

Analyst Benjamin Cowen has argued that crypto is currently cheap relative to fair value and that prices could fall further before any major rally, highlighting differing expectations about the timeline.