Changpeng ‘CZ’ Zhao, the former CEO and founder of Binance, recently shared his thoughts on Bitcoin’s new all-time high, which surpassed $122,000 for the first time in history. Zhao, who has been involved in the cryptocurrency space since 2014, compared the current excitement surrounding Bitcoin’s price surge to the enthusiasm when it reached $1,000 in 2017. He noted that it took three years for Bitcoin to reach an all-time high of $1,000 again in January 2017, and now that value is less than 1% of the current Bitcoin price. Zhao believes that in a few years, the current all-time high of $122,000 will be seen as just a fraction of what Bitcoin’s value could be in the future.
Bitcoin’s recent price surge has been driven by robust institutional investment and corporate treasury allocations. According to data, 159,107 Bitcoin (BTC) was added to the balance sheets of 46 newly listed public companies, highlighting the growing institutional interest in the cryptocurrency. Additionally, spot Bitcoin exchange-traded funds managed by firms have experienced significant inflows, further bolstering the asset’s momentum. A weaker U.S. dollar has also contributed to Bitcoin’s upward trajectory, with the Dollar Index sitting more than six points below its 200-day moving average.
Recent developments in U.S. policy have further supported the positive trend for Bitcoin. The Senate passed a stablecoin regulation bill in June, and discussions around creating a Strategic Bitcoin Reserve have been revived. These regulatory steps have increased confidence among large investors, who are increasingly viewing Bitcoin as a viable asset for long-term investment. Despite the complex global economic backdrop, including potential trade tensions, Bitcoin has remained largely unshaken. Over $2 billion in new capital has moved into digital assets this month alone, with traders focusing more on on-chain flows and ETF data than on geopolitical headlines.
However, upcoming U.S. inflation data could shift market focus. On July 16, the Bureau of Labor Statistics is set to release June consumer price index data. Economists expect core inflation to rise by 0.3%, pushing the annual rate to 2.9%. If confirmed, this could pose challenges for risky assets like Bitcoin and potentially delay Federal Reserve interest rate reductions. Investors will be closely monitoring whether tighter monetary policy slows the momentum of Bitcoin’s rally, even though it has held strong thus far.
Zhao’s optimistic outlook on Bitcoin’s future value underscores the growing confidence in the cryptocurrency’s long-term prospects. Despite short-term uncertainties posed by global economic developments, the industry’s leading figures remain bullish on Bitcoin’s potential for significant growth in the coming years. 
