Changpeng Zhao (CZ), the CEO of Binance, said in 2019 that $16 k for Bitcoin was a possibility. He made the assertion based on the assumption that 1.4 billion human beings are behind getting Bitcoin to $16,000. And, this upswing just a matter of time.
Since then, BTC has come a long way and actually made it nearly to $70k. With the recent pull-back in the value of the token, in retrospect, it is possible that what the Binance founder said 3 years ago is about to recur. Here is the story as written by our correspondent who followed the story.
CZ believes that a price of $16,000 will happen for Bitcoin sooner than later, maintaining that there are 1.4 billion people working towards getting the digital cryptocurrency to soar to higher values.
Lol, price predictions are easy. It’s just hard to be right about the timing. We will see $16k soon-ish. 1.4 billion people working on it as we speak. https://t.co/mf9hKpP6Js
— CZ Binance (@cz_binance) November 1, 2019
He added:
“Price predictions are easy. It’s just hard to be right about the timing.”
Near Perfect Prediction
The comments came after the predictions an anonymous user on 4chan who had predicted correctly that Bitcoin would reach certain marks but failed to guess correctly when the $16,000 milestone would be reached. The prediction correctly stated on Jan. 21 that bitcoin had bottomed out and stated ambitious bullish goals.
By April, he rightly bitcoin made it past $5,300 mark, as he predicted. Bitcoin then surged over $9,200, confirming his goal for July. But, as October ended and BTC did hit $16,000, his predictions lost its efficacy.
Even though Zhao’s comment alluded to 1.4 billion people backing Bitcoin to push it to $16,000, he didn’t expatiate on this figure. He may be referring to a previous survey by Kaspersky.
1.4 Billion people behind Bitcoin
In June, the Russia-based cybersecurity firm Kaspersky Lab in its findings from a research named “The Kaspersky Cryptocurrency Report 2019.” The firm interviewed 13,500 people in 22 countries about how much they know about cryptocurrencies.
Fear of the unknown often holds people back from many aspects in life, and the same can be said when it comes to adopting new technology. In our 2019 #Cryptocurrency Report, we look at why consumers are wary of adopting cryptoccurency ➡️ https://t.co/jjFE9cQGrN pic.twitter.com/I6nBIwXOZ8
— Kaspersky (@kaspersky) July 12, 2019
Kaspersky concluded that 19% of the global population are familiar with cryptocurrencies. This represents approximately 1.4 billion people, which aligns with the inference that Binance’s CEO made about who’s backing the anticipated surge in the value of Bitcoin.
Zhao may also be referring to China, the most populous country with almost 1.4 billion citizens. The declaration made by President Xi Jinping about getting his nation to “take the leading position inside the emerging field of blockchain” additionally is in concord with Zhao’s declaration.
Zhao may be insinuating China’s great influence in determining the direction the cryptocurrency moves. Early October, Zhao explained how happenings in China determined bitcoin’s market value.
According to Zhao:
“In Oct 2013, China CCTV first featured bitcoin, BTC hit its ATH 2 months later in Dec. at $1,000. In Jan. 2016, Chairman of Central Bank of China says Blockchain is important. Bitcoin companies in China suddenly all became blockchain companies. And thankfully, the price started to recover, and lead into the altseason in 2017, as well as BTC ATH again at $20,000 in December”
Notwithstanding the now popular tweet, the truth is that no one knows the direction Bitcoin is heading to. Zhao’s comments may be his view of the impact that China has on Bitcoin. After all, it’s a country with the population to make the difference and an active mining community extracting the greatest number of bitcoins.
