Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
Binance CEO Changpeng Zhao (CZ), has suggested that Bitcoin price will hit $16,000 sometime soon. According to him, 1.4 billion people are currently working (directly or otherwise) to push the king coin to new heights.
Growth in the crypto market is almost always measured by price trajectories and the likelihood that an asset would find adoption, consequently increasing its price. With Bitcoin being the asset with the largest market cap and consequently the highest priced and strongest market dominance, the cryptosphere is almost always waiting for a Bitcoin price surge.
In the midst of all the bullish predictions that usually trail Bitcoin, Changpeng Zhao who is the CEO of the world’s largest crypto exchange Binance, has added to the forecasts and suggested that the king coin will hit $16,000 soon. According to Zhao:
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
The above prediction was posted in response to a user who mocked an earlier forecast which put Bitcoin at $16,000 in October. Posted months ago on January 21, an anonymous person on 4Chan made very bullish predictions for Bitcoin prices for a few months between April 2019 and November 2020.
The post made the rounds a few days before October ended and got very popular not only because the market is usually drawn to bullish forecasts, but also because the user’s predictions for April (at $5,300) and July ($9,200) were spot on. However when October ended with Bitcoin just above $9,000 a user on Twitter posted a mockery of the forecast, prompting Zhao to respond.
Zhao’s tweet also suggests that $16,000 is quite attainable because 1.4 billion people are currently working on pushing Bitcoin up. That specific figure could be referring to two different things.
Firstly, a survey was conducted with a report published in June, about cryptocurrencies and its general adoption worldwide. Conducted by Russian multinational cybersecurity and anti-virus provider Kaspersky Lab, the report was titled “The Kaspersky Cryptocurrency Report 2019”, and considered responses from about 13,500 participants across 22 countries. The report found that about 1.4 billion people, representing 19% of people in the world, have at some point or another, held crypto.
However, it seems a bit more likely that Zhao was referring to China whose population is about 1.4 billion. Zhao has also previously connected Bitcoin’s surges to events in China, calling it “loosely related”, beginning from China’s CCTV network’s mention of Bitcoin 2012, to President Xi Jinping’s blockchain endorsement.
History does not predict the future.
Correlation does not prove causation.
Just stating a few potentially loosely related events. (1/4)
— CZ Binance (@cz_binance) October 25, 2019
It might also be important to note here that the China National Development and Reform Commission (NDRC), appears to have suspended an earlier announced plan to officially include Bitcoin mining among industries it hopes to discontinue in the country. Its newly published catalog for affected industries does not include Bitcoin mining.
While everyone else seems to be very pro-Bitcoin, an old Reddit post which foretold complete gloom for the future of the Bitcoin world was recently revisited and edited with a message seeking to deter more people from crypto. The initial time-traveling post was published from the point of view of a person who had seen a dysfunctional world in 2025 and tried to warn people back in 2014.
The new edit continues with the anti-Bitcoin agenda, with the aim of pointing out the effect of Bitcoin mining on the environment, hoping that it will deter the community.