Binance CEO CZ More Bullish On Bitcoin, Here’s Why

Coingapestaff
July 1, 2023 Updated May 22, 2025
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In a recent tweet by CZ, the CEO of Binance, the fluctuating price of Bitcoin and its growing utility were highlighted. The tweet coincided with Bitcoin’s price surging above $31,450, reaching its highest level since June 2022. The surge was attributed to the SEC’s approval of the Volatility Shares 2x Bitcoin Strategy ETF, known as BITX, which became the first leveraged bitcoin futures ETF in the United States. Additionally, a bullish sentiment fueled by BlackRock further bolstered the crypto market.

Binance CZ On Bitcoin Utility

Bitcoin’s utility has been growing over the years as more merchants and service providers accept Bitcoin as a form of payment. Additionally, there has been an increase in Bitcoin futures and options, lending platforms, and decentralized finance (DeFi) applications. The SEC’s approval of the Volatility Shares 2x Bitcoin Strategy ETF (BITX) increases Bitcoin’s utility as an investment asset is expanding.

CZ took to twitter saying-

Bitcoin price fluctuates. Its utility is steadily increasing.

Amidst the positive developments,CoinGape reported allegations that emerged concerning Binance and its CEO, CZ around the sale of spot Bitcoin in a “liquidation waterfall” strategy which he later refuted. Recently, Binance announced its progress on integrating the Bitcoin Lightning Network for faster deposits and withdrawals. Read More…

According to Glassnode, the surge in Bitcoin’s price and utility has led to a remarkable milestone. The number of non-zero Bitcoin addresses has reached a record high of 44 million, signifying a novel and unique chapter in Bitcoin’s history.

Read About Utility Tokens On CoinGape…

Will Bitcoin Price Surge Past $35k?

After Bitcoin surged to over $31k after Fidelity applied for Spot ETF, it is now back to$30,424.05, with a 24-hour trading volume of $23,666,097,117.

While Bitcoin continues to garner attention, another significant event on the horizon is the upcoming Bitcoin halving. Expected to occur between April and May 2024, the 4th Halving will mark a reduction in block rewards from 6.25 BTC to 3.125 BTC at the 840,000 block height.

Also Read: Why Bitcoin Supply on Exchanges Hits 5-Year Low…

Although Bitcoin has not yet reclaimed its all-time high of $68,789.63, which was achieved on November 10, 2021, it has shown resilience despite experiencing a 55.76% drop. The all-time low of Bitcoin occurred 13 years ago on July 14, 2010, when it reached $0.04865. Since then, Bitcoin has made an astonishing recovery, surging by a staggering 62,553,511.59%.

 

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.