Binance CEO Changpeng “CZ” Zhao cast doubt on the predictions provided by the AI-chatbot ChatGPT regarding the price of Bitcoin after the fourth halving event. Zhao pointed to previously observed price rallies in the cryptocurrency markets associated with halvings in the past and downplayed ChatGPT’s predictions of Bitcoin price surpassing $100,000 in 2024.
When Bitcoin undergoes halving, the block reward for miners is decreased by half and there is fewer new coins released into circulation. At the time of writing, Bitcoin is trading near $30,000 and if the ChatGPT prediction of Bitcoin hitting $135,000 by the time of halving is to be taken seriously then, it is facing a 350% upward rally in the next year.
ChatGPT predicted the Bitcoin price by sequentially comparing the prices after the first, second and third halving events. However, Binance CEO Zhao didn’t share any target of his own and suggested that AI lacks the ability to estimate Bitcoin price correctly.
The CEO at ARK Invest, Cathy Wood, believes that Bitcoin will hit $500,000 by 2026 and $1M by 2030. Another data source, “Bitcoin Halving Countdown” suggests that Bitcoin will be subjected to the fourth halving event between April 20-30 in 2024 which would result in the miners’ rewards being cut in half from 6.25 to 3.125 coins.
It is worth noting that Binance is the world’s largest cryptocurrency exchange in terms of trading volume. The company was founded by Changpeng Zhao in 2017 and since then it has grown from a small service to become one of the major players in the crypto market. The CEO is actively involved in the development of the platform, its advancements in the blockchain and cryptocurrency sectors, as well as its marketing campaigns and customer support.
As for Changpeng Zhao himself, the “CZ” as he is fondly known by the community, is a well-known figure in the cryptocurrency industry. He has over two decades of experience in the field of finance, having held management positions at several established companies such as Blockchain and OKCoin. He is one of the biggest proponents of Bitcoin and cryptocurrencies, and one of the most influential voices in the entire industry.
