Podcast Notes | CZ: Bitcoin Doesn't Need 25 Years to Reach $1 Million, Next Bull Run Could Surpass Gold

Edited & Compiled: TechFlow

Guest: CZ, Founder of Binance

Host: Host of When Shift Happens

Podcast Source: When Shift Happens (https://www.youtube.com/watch?v=ef5_zMhYp1c)

Original Title: SPECIAL EPISODE: This Is The Best Time In History To Get Rich In Crypto - CZ Binance Founder | E189

Air Date: 2026-10-08

Key Takeaways

• Bitcoin reaching $1 million "in less than 25 years", but CZ emphasizes that utility matters more than price: large-scale payments, retirement funds, and reserve assets.
• Now is the "best time in history": traditional finance attitudes have shifted dramatically over the past two years, tokenized stocks and similar products are exploding just as they get off the ground, and infrastructure will be massively built out within a decade.
• Tokenization and Bitcoin are symbiotic: tokenized stocks lower barriers to entry and inadvertently drive traffic to Bitcoin; the industry is an ecosystem, not a zero-sum game.
• Bitcoin doesn't dictate government strength; governments decide their own power boundaries. Excessive taxation (e.g., 36% per transaction) yields nothing instead of generating revenue.
• Global regulatory race: UAE leads, the US focuses on stablecoins with the CFTC accelerating at the federal level, Japan and Hong Kong progress rapidly, Singapore remains conservative, while Pakistan, Kazakhstan, and Kyrgyzstan are seeing rapid inflows.
• Bitcoin will "definitely" surpass gold (currently only ~10x apart), suggesting national reserves allocate to the top five cryptos by market cap (over 50% BTC, 10-20% ETH, BNB included).
• AI agents will use crypto funds, starting with stablecoins before expanding to Bitcoin; AI may facilitate transactions first, then payments; Bitcoin is positioned for savings, while stablecoins and crypto enable machine-to-machine commerce.
• CZ advocates for multi-chain coexistence and opposes sole-Bitcoin dogma: without other chains, Bitcoin would actually be smaller.

Key Highlights

• "Bitcoin hitting $1 million is a good thing, and I think it will happen in less than 25 years, much sooner. But utility matters far more than price."
• "People tend to overestimate change in one year and underestimate change in ten years."
• "We are currently at the best time point in history, with opportunities right in front of us."
• "Bitcoin neither weakens nor strengthens government on its own; it depends on what governments choose to do."
• "Levying a 36% tax on every transaction, even if you collect zero percent of that 36%, yields absolutely nothing in tax revenue."
• "Bitcoin will definitely surpass gold. They are currently only about 10 times apart, so it could easily happen during the next bull cycle."
• "If the industry only had Bitcoin, growth would actually be slower. Other chains have actually helped expand Bitcoin's ecosystem."
• "My mindset has always been to do my best: contribute less if my capacity is small, and contribute more if my capacity is large."

Main Transcript

1. Bitcoin to $1 Million and the "Bitcoin Century"

Host: What needs to happen to define the next 25 years as the "Bitcoin Century"?

CZ: Bitcoin reaching $1 million is a good thing, and I think it will happen in less than 25 years, much sooner. But utility matters far more than price. We need Bitcoin payments to occur at scale, and we need Bitcoin to become a retirement and reserve asset. All of this will happen.

Host: What do everyday people underestimate the most today?

CZ: People tend to overestimate change in one year and underestimate change in ten years. A century is long, but in the next decade, massive infrastructure will be built. Over the past two years, traditional finance's attitude toward Bitcoin has shifted dramatically. Just in recent months, tokenized stocks have surged remarkably, and this is only the beginning. We are currently at the best time point in history, with opportunities right in front of us.

2. Tokenization and Bitcoin Are Symbiotic

Host: You mentioned tokenization and payments. What is their relationship to Bitcoin's success?

CZ: They mutually reinforce each other. The Bitcoin chain itself does not handle tokenization today; that happens on other chains. But in the crypto space, "what's good for Bitcoin is good for everything else." For example, it's hard for Asians to open brokerage accounts to buy US stocks and trade across time zones. Once stocks are tokenized, access becomes universally available through crypto platforms, and users incidentally gain exposure to Bitcoin they didn't have before, compounding over time. This is an ecosystem, not a replacement scenario. Bitcoin started as a personal technology and is now evolving into a strategic asset for institutions and even potential sovereign nations.

3. Will Bitcoin Weaken Governments?

Host: Will Bitcoin ultimately weaken governments, or make early adopters stronger?

CZ: Bitcoin itself neither weakens nor strengthens governments; it depends on how governments act. Historically, weaker governments fostered some of the strongest economies, like the US. With four-year election cycles and bipartisan gridlock that seems inefficient, it actually allows industries to thrive better. Former SEC Chair Gensler tried to centralize control, which completely stifled growth. Bitcoin was designed to be decentralized, granting individuals more sovereignty. However, its privacy is actually "somewhat flawed," as on-chain transactions are highly traceable. Technology doesn't decide for governments; governments decide how much power they want to retain. For instance, levying a 36% tax on every transaction—even if you successfully collected zero percent of that 36%—yields absolutely no revenue.

4. Are Governments Taking Bitcoin Seriously?

Host: How seriously are national governments taking this today?

CZ: Most are relatively serious, but many countries still lack crypto regulatory frameworks; only a few truly have them in place. Many leaders are older, slower to adopt new technologies, and exposed to negative traditional media, making them lean conservative. But the shift is undeniably happening. I've met with numerous heads of state globally, and no one denies it's a new technology or that adoption is necessary.

Host: When you meet these leaders, do they seem forced to jump on the bandwagon, or genuinely focused on their nation's future?

CZ: Almost everyone who invites me is genuinely committed to improving their country. However, many others are doing it "out of necessity." Their frameworks are often overly restrictive, resembling PR stunts, with licenses delayed indefinitely and actual implementation lagging at zero. Usually, when countries proactively invite me, they are inherently crypto-friendly.

5. Advice for Governments: From Frameworks to Strategic Reserves

Host: If you were advising major governments today on what they haven't done yet, what would you say?

CZ: First, establish a crypto regulatory framework with clear mechanisms for revision and iteration. Second, build a crypto strategic reserve. Most countries haven't done this, but it's crucial long-term. Third, issue your own stablecoins and put your native currency on-chain to capture liquidity. Fourth, promote tokenized assets—not just stocks, but also rare earth minerals, real estate, cultural artifacts, and intellectual property. Many nations view tokenization as a gateway to attract capital.

6. Who's Moving Fastest?

Host: Which countries do you think are doing the best?

CZ: Countries are pushing forward in different directions. The UAE is likely leading in regulation; ADGM granted binance.com a near-full-product global license. The US focus is on stablecoins, and the CFTC is fast-tracking futures and derivatives licensing at the federal level, which benefits the industry. Japan is quite forward-looking, Hong Kong is progressing rapidly, and Singapore remains somewhat conservative. Pakistan, Kazakhstan, and Kyrgyzstan are also moving quickly; I'm visiting the former two next week.

7. Will Bitcoin Surpass Gold?

Host: If Bitcoin becomes a national strategic reserve, will it matter more than gold?

CZ: Absolutely. It takes years for major powers to shift; they have established valuation and holding mechanisms for gold, and transitioning requires time. But it's inevitable, and Bitcoin is simply a superior asset compared to gold. Peter Schiff probably wouldn't agree; I've debated him on this. They are currently only about 10 times apart, so it could easily happen during the next bull cycle.

Host: If you were allocating a country's reserve portfolio, how much Bitcoin would you recommend?

CZ: My advice is straightforward, albeit slightly self-serving: take the top five cryptocurrencies by market cap, exclude USD stablecoins if already held, and allocate proportionally by market cap. It's the simplest, most market-driven approach. Typically, Bitcoin makes up over 50%, ETH accounts for 10-20%, and BNB can be included. That said, if the industry only had Bitcoin, growth would actually be slower. Other chains (like Ethereum and BNB Chain) help expand Bitcoin's ecosystem.

8. What Money Do AI Agents Use?

Host: If there are billions of AI agents in the future capable of automatically buying, selling, negotiating, and trading, what money will they use?

CZ: Definitely crypto. They will likely start with stablecoins. Once they can accept stablecoins, adding Bitcoin is easy, followed by expansions to BNB, Ethereum, Solana, etc. Additionally, some top AI companies may want to launch their own tokens. I've spoken with several leading AI firms about token issuance. Building data centers is incredibly capital-intensive; 1GW of compute requires roughly $30 to $50 billion. Some companies plan to build hundreds of gigawatts over the next few years, costing trillions, so issuing "data center tokens" to secure revenue sharing is entirely plausible.

Host: Will AI help us pay first, or execute trades first?

CZ: Based on my discussions with leading AI companies, payments aren't their current priority. They're focused on making agents smarter and finding the optimal deals. Execution speed matters more for trading, so AI is better suited to placing orders for you first. Therefore, the likely path is: Bitcoin continues serving as savings, while stablecoins and crypto facilitate machine-to-machine commerce and trading. As payment rails roll out, people will spend their native tokens directly rather than converting them to stablecoins first. Personally, I hold BNB and some Bitcoin, and I mostly spend BNB via the Binance card, completely indifferent to exchange rates at the moment.

9. Leaving a Legacy for the "Bitcoin Century"

Host: What contribution do you hope to leave for the "Bitcoin Century"?

CZ: Honestly, I'm not sure. My mindset has always been to do my best: contribute less if my capacity is small, and contribute more if my capacity is large. So far, I believe I've contributed all I possibly could, and I intend to continue doing so.

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