Changpeng “CZ” Zhao, the founder of Binance, has expressed a bullish outlook for the cryptocurrency market, suggesting that a “super cycle” for Bitcoin (BTC) is imminent. This optimistic prediction aligns with VanEck“s recent analysis, which posits a staggering base target of $2.9 million for BTC by 2025.
In a post on X, CZ remarked that the signs for a super cycle are emerging, particularly after the SEC decided to remove cryptocurrencies from its 2026 priority risk list. This development is seen as a positive signal for the market”s future. Additionally, CZ pointed out that while retail investors have been selling in panic, institutional players, including major U.S. banks, have been increasing their Bitcoin holdings. Notably, Wells Fargo recently disclosed acquiring $383 million in Bitcoin ETF shares.
The rising institutional interest in Bitcoin is becoming a critical factor that may fuel the anticipated super cycle. This week, Morgan Stanley, a prominent U.S. bank, also applied for a Bitcoin ETF, a move attributed to increasing demand from its wealth management clients. After lifting restrictions on crypto investments last year, Morgan Stanley has allowed all its wealth clients to invest in BTC.
Furthermore, the potential for increased adoption of Bitcoin by nation-states could further drive the projected super cycle. Cathie Wood from Ark Invest recently suggested that the U.S. might start acquiring BTC for its strategic reserves this year, potentially adding to Bitcoin”s legitimacy as a reserve asset.
VanEck has provided a comprehensive forecast for Bitcoin, articulating a base case of $2.9 million by 2025. Their report highlights various scenarios: the bear case, where Bitcoin might stagnate at around $130,000, and the bull case, which envisions a remarkable price of $53.4 million. This bull scenario would necessitate Bitcoin capturing 20% of international trade and 10% of domestic GDP, achieving parity with gold as a primary global reserve asset, which represents nearly 30% of worldwide financial assets.
However, the feasibility of such a scenario remains uncertain, especially as gold prices continue to rise while Bitcoin”s growth appears to be slowing. For the base case of $2.9 million, VanEck anticipates that Bitcoin could represent 5 to 10% of global international trade and 5% of domestic trade by 2050, indicating a significant shift in its role within the global economy.
