Binance co-founder Changpeng “CZ” Zhao envisions Bitcoin’s price soaring between $500,000 and $1 million during the current market cycle, attributing this potential surge to increased institutional adoption, government accumulation, and a more favorable U.S. policy stance toward cryptocurrencies.

In a recent interview with Rug Radio, CZ highlighted the impact of Bitcoin spot exchange-traded funds (ETFs) in attracting traditional institutional capital into the crypto market. He remarked, “There’s the ETFs. There’s this institutionalization of Bitcoin… it’s a positive in terms of price action, obviously. Our bags are up — not the alt‑coins as much, but at least Bitcoin is.”

CZ also pointed out that governments are increasingly participating in Bitcoin accumulation, citing examples like El Salvador and Bhutan. He noted that such governmental involvement not only boosts price action but also serves as strong validation for Bitcoin’s legitimacy.

Discussing the political landscape, CZ observed a significant shift in U.S. policy under a pro-crypto administration, suggesting that this change could encourage other nations to follow suit. He stated, “They’re smart enough to recognize that buying Bitcoin is a great move, and now other countries will have to follow.”

Addressing retail investors, CZ emphasized that they have had ample opportunity over the past 15 years to invest in Bitcoin. He implied that any current hesitation or delay in investment is a personal choice, given the longstanding availability of the asset.

A Russian-Israeli citizen, Alexander Gurevich, is set to be extradited to the United States to face charges related to the $190 million Nomad bridge hack that occurred in August 2022. Gurevich was arrested at Israel’s Ben-Gurion Airport on May 1 while attempting to board a flight to Russia. Authorities allege he exploited a vulnerability in the Nomad bridge, stealing approximately $2.89 million worth of tokens.

Following the initial breach, numerous copycat hackers exploited the same vulnerability, culminating in total losses of around $190 million. Prosecutors claim that Gurevich contacted Nomad’s Chief Technology Officer, James Prestwich, via Telegram under a false identity, admitting to the hack and expressing remorse. He reportedly returned about $162,000 to a recovery wallet set up by Nomad and discussed a potential 10% bounty for the stolen assets, but later demanded $500,000 for identifying the vulnerability.

The U.S. Department of Justice filed an eight-count indictment against Gurevich in August 2023, including charges of money laundering and transferring stolen property. The extradition request was formally submitted in December 2024. If convicted, Gurevich faces up to 20 years in prison. Israeli authorities believe he conducted the attack while in Israel, as he had returned to the country shortly before the exploit occurred.

On May 5, Tether minted an additional $1 billion USDT on the Tron network, bringing the total USDT supply on Tron to $71.4 billion, according to the Tether Transparency report. This places Tron just $1.4 billion behind Ethereum, which currently hosts $72.8 billion in USDT. Tron previously led in USDT circulation between July 2022 and November 2024 before a significant $18 billion mint on Ethereum shifted the balance.

Solana ranks third with $1.9 billion in USDT, followed by smaller holdings on networks such as Ton, Avalanche, Aptos, Near, Celo, and Cosmos. Tether’s total USDT circulation has reached a record high of $149.4 billion, marking an 8.6% increase since the beginning of the year. This expansion grants Tether a dominant 61% share of the stablecoin market, with Circle’s USDC trailing at 25% and nearly $62 billion in circulation.

The surge in stablecoin issuance aligns with broader market trends, as stablecoins now constitute 8% of the total cryptocurrency market capitalization. A U.S. Treasury Department report from late April projects that the stablecoin market could reach $2 trillion by 2028, contingent on regulatory clarity.

In the legislative arena, the U.S. Senate is expected to vote before May 26 on the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, which aims to define “payment stablecoins” and establish reserve requirements for issuers. Additionally, the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act, focusing on the approval and oversight of nonbank payment stablecoin issuers, is progressing through Congress.

Tether has also announced plans to launch a U.S.-based stablecoin later this year, with the timeline dependent on the passage of these legislative measures.