Binance Founder CZ Says ‘Super Cycle’ Incoming as VanEck Unveils $2.9M Bitcoin Target

Core Viewpoint - The founder of Binance, Changpeng "CZ" Zhao, predicts an incoming super cycle for the cryptocurrency market, supported by bullish forecasts from VanEck regarding Bitcoin's potential price increase to $2.9 million by 2025 [1][6][7]. Group 1: Market Sentiment and Predictions - CZ's optimism is bolstered by the SEC's decision to remove crypto from its 2026 priority risk list, which is seen as a positive development for the market [2]. - Institutional demand for Bitcoin is on the rise, with significant purchases from U.S. banks, including Wells Fargo's acquisition of $383 million in Bitcoin ETF shares [2][3]. - VanEck's report outlines a base case for Bitcoin reaching $2.9 million by 2025, with a bear case of $130,000 and a bull case of $53.4 million under a "hyper-bitcoinization" scenario [6][8]. Group 2: Institutional Involvement - Morgan Stanley has filed for a Bitcoin ETF, indicating strong demand from its wealth clients, following the removal of restrictions on crypto investments [3][4]. - The potential for nation-state adoption of Bitcoin is highlighted, with speculation that the U.S. may begin purchasing Bitcoin for its strategic reserve [5]. Group 3: Market Dynamics - The bullish sentiment is further supported by the observation that major U.S. banks are accumulating Bitcoin, which is expected to positively influence market conditions [2][7]. - The scenario where Bitcoin achieves parity with gold as a primary global reserve asset could lead to significant price increases, although this remains uncertain as gold prices continue to rise while Bitcoin's growth has stalled [8].