In an interview on Friday (February 19), Binance Co-Founder and CEO Changpeng Zhao (aka “CZ”) explained how the price of Bitcoin has gotten to this level and how it could go much higher.

CZ’s comments came during an interview on Bloomberg TV.

When asked if there might be “some speculative froth” in all the latest price movements, CZ replied:

I definitely think this is just a reflection of how mainstream Bitcoin has become, and I think we’re just seeing the tip of the iceberg to be honest.

CZ was then asked how far could the price of Bitcoin go. He replied:

Right now, we just passed the previous peak just by a little bit — It’s only 2.5x. Right now, the fundamentals are much much stronger than three years ago. We see a lot more users, a lot more institutions coming in… we see DeFi taking off taking off… there’s a a lot more activity now in this industry than three years ago…

And also from the user numbers, we see I believe the first time I talked with you guys on either in this channel. We were seeing all-time highs of 300,000 registered new register users per day and now with sustained above that peak sustained on a day-to-day basis.

The Binance CEO was then asked for his price target for Bitcoin. CZ answered:

This is the thing about crypto: there’s no fair value. You just got to represent how much wealth… If you look at the market, only 11 listed companies have announced they’re holding cryptocurrencies… and if you look at individual holders, I think we’re reaching somewhere around 1% adoption globally. So, I think that’s probably somewhere around 100 to 150, maybe 200 million users in crypto right now.

Also on the same day, CZ was interviewed by Juliette Saly and Bryan Curtis on Bloomberg Radio, and he was again asked to predict how high the Bitcoin price would go.

He said:

I think for Bitcoin, we are seeing somewhere between a hundred to two hundred million users right now. So with that user base, you have value to that group of people. With price predictions, it’s really really difficult… I don’t know, $1 million, $10 million… very hard to tell.

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.