In an interview with Altcoin Daily, Binance founder, and CEO, Changpeng Zhao (CZ) answered true to Bitcoin reaching a $1 million valuation one day.
However, considering that the price prediction came from a quickfire, true, or false segment at the end of the interview, it would be wise to take this valuation with skepticism.
Of more significant concern was CZ’s view on the long term outlook for the market leader. Contrary to his million-dollar price prediction, he believes a bigger and better alternative will replace Bitcoin at some point.
CZ’s Thoughts on Bitcoin Continuing to Dominate the Cryptocurrency Market
The interview covered a wide range of topics, including cryptocurrency as a hedge against traditional finance, Bitcoin maximalism, and the role of DeFi in taking the space forward.
But of interest was CZ’s opinion on the long term future of Bitcoin, especially when taking into account the antiquated nature of its core technology, and the limitations of updating it as a live blockchain.
“To be honest, I think Bitcoin’s dominance over time will decrease, not increase. It may increase in the short term… there’s a lot of innovations people do that people can bring back to Bitcoin, like second layer solutions etc. But when the technology is out already and adopted for ten years, there’s relatively limited scope that you can update it.”
CZ expanded on this by saying sooner or later, every technology eventually gets replaced by something better. He drew on examples such as dated programming languages, and once-dominant hardware and software firms losing ground to more innovative rivals.
“nothing lasts forever… so things change… if we look at 10, 15, 20 years later, I think it’s totally conceiveable that something new will replace Bitcoin, and something better than Bitcoin.”
However, he was keen to state that Bitcoin