Binance founder Changpeng “CZ” Zhao says a Bitcoin-led crypto super cycle may be approaching, pointing to easing regulatory pressure and growing institutional demand. His comments land as asset manager VanEck releases one of the boldest long-term Bitcoin forecasts yet, with a base case that puts BTC at $2.9 million.
CZ points to regulation and bank buying
Zhao shared his outlook in a post on X, saying a super cycle was “incoming” for Bitcoin and the wider crypto market. He was reacting to reports that the U.S. Securities and Exchange Commission has removed crypto from its 2026 priority risk list, a move widely seen as a positive signal for the industry.
In earlier posts, Zhao also highlighted a shift in market behavior. While some retail investors were selling during recent pullbacks, U.S. banks have been increasing exposure. Wells Fargo disclosed holdings of roughly $383 million in Bitcoin ETF shares, underscoring growing institutional confidence.
Wall Street demand continues to build
Institutional interest remains a central theme. This week, Morgan Stanley filed for a Bitcoin ETF, adding another major name to the list of large financial firms seeking regulated exposure to BTC.
Bloomberg ETF analyst Eric Balchunas said the move likely reflects client demand within Morgan Stanley’s wealth management arm. The bank lifted remaining restrictions on crypto investments last year, opening the door for its wealth clients to allocate capital to Bitcoin more freely.
VanEck maps out extreme outcomes for Bitcoin
Alongside the institutional momentum, VanEck released a sweeping outlook on Bitcoin’s long-term potential. In a report authored by Matthew Sigel and Patrick Bush, the firm set a base-case price target of $2.9 million per BTC, with a bearish scenario of $130,000 and a bullish extreme of $53.4 million.
The most aggressive forecast assumes a “hyper-bitcoinization” world where Bitcoin captures 20% of international trade and 10% of domestic GDP. Under that scenario, BTC would rival or exceed gold as a global reserve asset. VanEck notes this would require Bitcoin to challenge gold’s role in a system where the precious metal currently represents nearly 30% of global financial assets.
For the $2.9 million base case, VanEck estimates Bitcoin could eventually settle 5–10% of international trade and about 5% of domestic trade by 2050. The bearish case, by contrast, assumes most of Bitcoin’s utility is already reflected in today’s price.