Changpeng Zhao, founder and former chief executive of Binance, told the Bitcoin Asia 2026 conference in Hong Kong that Bitcoin’s price would eventually reach $1 million and would do so in less than 25 years, tying the forecast to wider use in payments, retirement portfolios and national reserve strategies.
Zhao did not attach a near-term timetable to the prediction. His argument rested on a longer transition in which Bitcoin moves beyond a primarily speculative asset and becomes part of financial infrastructure used by institutions, governments and individuals. He said the next decade would bring substantial industry buildout, following a two-year period in which traditional finance has become more engaged with Bitcoin.
The projection places adoption, rather than short-term trading conditions, at the center of Zhao’s market outlook. He said large-scale payment use and allocations by pension and retirement funds would create demand channels that remain relatively limited today.
Tokenized stocks could connect users to Bitcoin markets
Zhao pointed to the growth of tokenized equities as an example of how blockchain-based financial products could introduce more people to crypto markets. He said Binance’s bStocks product expanded rapidly after its launch roughly three months earlier, though he added that most tokenization activity is occurring on networks other than Bitcoin.
Tokenized stocks are blockchain-based instruments designed to track or represent exposure to conventional equities. Zhao said such products may be particularly useful for users in Asia who face difficulties opening U.S. brokerage accounts or who find U.S. trading hours impractical.
Access through crypto rails could let users trade exposure to U.S. equities in a more familiar digital-asset environment, he said. That connection may also lead some users toward Bitcoin and other crypto assets, particularly where the same wallets, platforms or payment methods support both products.
The model would extend the role of crypto platforms beyond trading native tokens. It could also blur the distinction between conventional market access and digital-asset services, increasing the pressure on regulators to define how tokenized securities should be issued, held and traded.
Zhao argued that separate blockchain ecosystems need not compete for a fixed pool of activity. Public chains focused on faster experimentation can develop product ideas that later influence Bitcoin-related services, while Bitcoin retains its role as a long-term monetary asset, he said.
Tax policy and rules shape the outcome
Zhao rejected the idea that Bitcoin automatically weakens governments. He said the effect depends on how governments choose to regulate and tax crypto activity.
He described blockchain transaction privacy as limited, since transfers can generally be traced on public ledgers. Governments therefore have several policy options, ranging from prohibition to tax-based frameworks, he said.
A punitive tax rate could drive activity away or suppress it, Zhao argued. He used a hypothetical 36% tax on every transaction as an example of a policy that would discourage use. By contrast, he said a 6% tax applied to a market worth $1 trillion would create meaningful public revenue, while a 0% rate would generate none.
The comments reflect a familiar tension in crypto policy: governments want oversight, consumer protections and tax collection, while companies and users seek workable rules that do not make ordinary transactions uneconomic. Zhao said many countries still lack a clear crypto framework and that only a small proportion of government officials fully understand Bitcoin.
Zhao ranks UAE ahead on crypto regulation
In his assessment of major jurisdictions, Zhao described the United Arab Emirates as having the most advanced crypto oversight. He said Abu Dhabi Global Market, known as ADGM, had granted Binance a global license covering nearly all of its products, while the UAE had yet to issue a major stablecoin.
He characterized the United States as further advanced in stablecoin legislation and exchange oversight. Zhao also said the Commodity Futures Trading Commission had made progress toward federal licensing for futures and derivatives activity.
Across Asia, Zhao described Japan as active, Hong Kong as moving quickly and Singapore as more cautious. He said Pakistan’s regulatory process has advanced, but implementation remains slower. He added that Binance had not opened a local bank account for client funds in Pakistan and had not issued a stablecoin there.
Kazakhstan, by comparison, has moved rapidly and has strong banking support for Binance, Zhao said. He added that Binance Pay supports QR-code payments in the country and said he planned visits to Kazakhstan and Kyrgyzstan the following week.
Bitcoin reserve role remains central to Zhao’s thesis
Zhao said Bitcoin would eventually become more important than gold as a reserve asset. He put Bitcoin’s market capitalization at roughly one-tenth of gold’s and suggested it could surpass gold during a future bull-market cycle.
For governments or institutions considering a crypto reserve, Zhao proposed a market-capitalization-weighted basket of the five largest crypto assets, excluding stablecoins. Under that approach, Bitcoin would generally account for more than half of the reserve, Ether would represent roughly 10% to 20%, and BNB would also be included.
Such a structure would place Bitcoin at the core of a diversified crypto allocation while recognizing that other networks serve different functions. Zhao’s proposed framework also contrasts with Bitcoin-only reserve strategies that have gained political attention in several countries.
AI may use stablecoins before Bitcoin
Zhao identified real-world assets and artificial intelligence as two major current themes in crypto, alongside stablecoins, centralized platforms, decentralized finance and meme tokens. He said NFTs could return in another form, while acknowledging that the next major breakout sector remains difficult to predict.
His most detailed forward-looking argument focused on AI agents: automated software systems that could eventually trade, purchase services and manage digital assets on behalf of users or companies. Zhao said billions of such agents would likely begin using stablecoins for machine-to-machine transactions before expanding into other on-chain assets, including Bitcoin.
He expects Bitcoin to remain primarily a savings asset for both people and AI systems, with stablecoins or other crypto assets handling frequent automated payments. Yet he said native crypto assets could gain a larger role in payments as users seek to avoid converting Bitcoin or other holdings into fiat-pegged tokens before spending them.
Zhao also linked AI growth to data-center financing. He said building one gigawatt of computing capacity can cost about $30 billion to $50 billion, and some AI companies plan capacity measured in hundreds of gigawatts over coming years. Tokens tied to those facilities could give holders future rights to computing capacity, he suggested.
That model remains conceptual, but it shows how Zhao sees crypto’s next phase: Bitcoin as a reserve asset, stablecoins as transaction tools, and tokenization as a mechanism for financing and accessing assets that have traditionally sat outside blockchain markets.
Explore how tokenized equities could accelerate Bitcoin’s path to $1 million through global stock access and deeper crypto integration.
Disclaimer: The content on this page is provided for general informational purposes only and does not represent the views or financial advice of Toobit. We make no guarantees regarding the accuracy or completeness of this information and shall not be held liable for any errors, omissions, or outcomes resulting from its use. Investing in digital assets involves risk; users should independently evaluate their financial situation and the risks involved. For further details, please consult our Terms of Service and Risk Disclosure.
