Bitcoin Ownership Below 1% Fuels CZ’s Boldest Call Yet: $1M Target

Changpeng Zhao believes Bitcoin (BTC) could reach $1 million by 2033 as global ownership of the asset stays below 1%.

Key Points

Zhao's Bitcoin Case

Zhao, the Binance founder, told an interviewer this week that fewer than one percent of the world's population currently owns Bitcoin. He said that scarcity leaves substantial room for new demand as adoption widens across coming market cycles, particularly among institutions.

He estimated Bitcoin could climb toward $600,000 if the next major cycle repeats an earlier fivefold gain. A further cycle, he said, would only need to double that figure to push the price past $1 million. Zhao called the milestone "totally possible," while acknowledging he could not pinpoint an exact timeline.

Zhao framed the case as adoption-driven rather than a product of short-term speculation, echoing a similar bullish call he made in January. He told U.S. media then that Bitcoin could enter a "supercycle" this year that might break its historical four-year pattern.

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Institutional Caution Grows

Zhao's bullish long-term outlook lands against a far more cautious institutional backdrop right now. U.S. spot Bitcoin ETFs shed $222.6 million on Jun. 30 alone, a ninth consecutive session of net withdrawals. BlackRock's IBIT fund accounted for the bulk of that daily total.

June's combined withdrawals reached $4.5 billion, the worst month for the funds since their January 2024 launch, topping the previous monthly record by roughly 29%. Total net assets held across the ETFs stood near $70.95 billion by month's end.

Wincent's Paul Howard said the pressure reflects a broader macro rotation rather than a deterioration in Bitcoin's long-term fundamentals. Analysts also flagged heavy rotation into SpaceX's record initial public offering as a factor pulling fresh capital away from crypto markets this quarter. Cumulative inflows into Bitcoin ETFs since their debut, however, remain positive at more than $51 billion.

Bitcoin's Rough June

Bitcoin has fallen sharply over the past month, sliding from roughly $74,000 in early June to near $58,600 by month's end. The token is down about 20% over the past 30 days and roughly 45% over the past year, a stretch marked by heavy volatility.

The decline pushed Bitcoin below its 200-week moving average for the first time since 2023, a threshold traders often watch as a marker of deep cycle lows. Support near $58,000 has held through the recent selloff, even as prices drifted further from earlier 2026 highs. A confirmed break below that zone could open the way toward $50,000, a level last tested in 2024.

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