Bitcoin Asia Recap: CZ on the 'Bitcoin Century' and What the Next 25 Years Hold

Compiled by: Yuliya, PANews

In a special fireside chat at the Bitcoin Asia conference, Kevin, host of the "Wind Shift Happens" podcast, sat down with Binance founder Changpeng Zhao (CZ) for an in-depth conversation about the "Bitcoin Century." From price predictions to payment applications, national strategic reserves, and the convergence of AI and crypto, CZ said Bitcoin reaching $1 million "will happen soon," but stressed that large-scale practical use cases are even more critical. He analyzed the varying attitudes of governments, recommended establishing crypto regulatory frameworks and strategic reserves, and shared progress in the UAE, Hong Kong, Pakistan, and elsewhere. On what currency AI agents will use, the relationship between Bitcoin and altcoins, and the contribution CZ himself hopes to leave behind, this conversation offered candid and forward-looking answers. Below is the transcript of the discussion:

1. What Truly Defines the "Bitcoin Century"?

Kevin: We're calling this the "Bitcoin Century." Over the next 25 years, what needs to happen for you to look back and say, "That really was the Bitcoin Century"?

CZ: I think Bitcoin reaching $1 million will be a major milestone, and it will happen.

However, I don't think it will take 25 years. It could happen sooner.

But more than price, I focus on utility. We need to see Bitcoin payments happen at a massive scale, and we need to see Bitcoin become a reserve asset for retirement funds, pensions, and funds. All of these things will happen, and there will be even more developments.

Looking at a 25-year cycle, I believe all of this will come to fruition.

2. What Changes Are People Underestimating?

Kevin: What is the biggest thing people today underestimate when understanding this transformation? What are they not fully aware of that's needed to truly make this century the "Bitcoin Century"?

CZ: A whole century is a very long time. People often overestimate what they can do in one year and underestimate what they can do in ten years. And a hundred years is even longer.

Even looking just at the next decade, I think a lot of infrastructure will be built. In the past two years, we've already seen a massive shift in traditional finance's attitude toward Bitcoin. In the last year, or even the last few months, tokenized stocks have started to grow rapidly.

This is just the beginning. Some tokenized stock projects launched only two or three months ago and are already growing fast. From a ten-year perspective, this will become a huge sector. And that's just one direction.

Over the next decade, there will be massive changes in payments, AI, financial infrastructure, stablecoins, tokenization, and more. We are actually at one of the best points in history, with so many opportunities in front of us. The key is to seize them.

3. How Do Tokenization and Payments Drive Bitcoin?

Kevin: You mentioned tokenization and payments. How do they relate to Bitcoin's success?

CZ: They reinforce each other.

Today, the Bitcoin blockchain itself doesn't primarily host tokenization; many tokenized assets are on other blockchains. But in the crypto industry, what's good for Bitcoin is usually good for other sectors; and what's good for other blockchains or tracks also helps Bitcoin in return.

People who learn about Bitcoin may eventually learn about other blockchains and tokens; and people who enter crypto platforms through tokenized stocks may eventually get exposed to Bitcoin.

For example, in Asia, many people want to buy US stocks, but opening a US brokerage account is difficult. Even if they can, trading hours are inconvenient—they might need to trade between 11 p.m. and 4 a.m.

If stocks are tokenized, more people can access the US stock market on equal footing. They can buy assets that were previously hard to reach through crypto platforms. Once they're on a crypto platform, they're likely to encounter Bitcoin. Over time, this effect compounds.

So tokenized stocks are not only good for traditional stock markets but also good for Bitcoin. The whole industry is an ecosystem, not one project versus another.

4. Will Bitcoin Weaken or Strengthen Governments?

Kevin: Bitcoin started as a technology for individuals, but now it's becoming a strategic asset for institutions and even nations. Do you think Bitcoin will ultimately weaken governments, or will it make early-adopting governments stronger?

CZ: Bitcoin itself won't weaken or strengthen governments. What truly determines a government's strength is its own actions.

Some governments like to have more power and seek total control. But historically, that's not always best for the economy and citizens. In many cases, governments with relatively less power may actually have stronger economic performance.

Take the US government, for example. The US is a large country, but relatively speaking, its government power is not particularly centralized. Presidents have term limits, the two parties constantly debate, and the process looks inefficient. But this "weak government" structure may have actually helped the US become one of the world's strongest economies.

Regulation is similar. Right now, the US SEC has relinquished some regulatory power in certain areas, saying certain things are outside its jurisdiction, which is actually beneficial for industry development. In contrast, the previous SEC Chair Gary Gensler wanted to bring many things under regulatory scope, which actually hindered industry growth.

Bitcoin is a decentralized technology that does give individuals more monetary sovereignty. But Bitcoin's privacy design is not perfect; on-chain transactions are very easy to trace, so it doesn't mean complete escape from regulation.

Governments can choose how to treat it. If a country declares holding Bitcoin illegal, the industry will struggle to develop there. If a country taxes every transaction at 36%, it will also kill the industry. The government may seem to have strong control, but if transactions drop to zero, 36% of zero is zero.

In contrast, if the tax rate is more reasonable—say 6% on a trillion-dollar market—that would be a very substantial revenue.

So technology doesn't determine government; how governments choose is key. In countries where people can vote, it ultimately depends on citizens' choices.

5. How Seriously Are Governments Taking Bitcoin Now?

Kevin: How seriously are governments taking Bitcoin today?

CZ: Most governments are relatively serious. But many countries still lack a crypto regulatory framework; only a few have truly established complete frameworks.

There are indeed many people in government who understand Bitcoin, but they may still be a minority. Many governments are run by an older generation who tend to adopt new technologies more slowly and are more susceptible to negative coverage in traditional media, so they hold more conservative or even negative views on cryptocurrency.

However, I do sense a shift. I've met many national leaders and politicians, and they increasingly acknowledge this is a new technology and realize they need to adopt it. Some still carry biases, like thinking Bitcoin is mainly used for illegal transactions, but more and more people are explaining to them that this is not the case.

6. Are Governments Genuinely Adopting or Just Paying Lip Service?

Kevin: When you meet these national leaders, do you feel they are seriously considering Bitcoin, or just doing it because they have to appear to keep up with trends?

CZ: Almost every national leader I've met wants their country to be better.

But frankly, some countries do it just because they "have to." Usually it's easy to tell: they'll roll out some framework, but it's often overly restrictive and more like a PR move. License approval and execution processes are extremely long, sometimes nearly impossible to implement, and in the end nothing actually happens.

The countries that invite me to visit are usually more progressive and genuinely want to adopt crypto. So you can often tell which countries are more crypto-friendly by looking at which ones I visit.

7. Advice to Governments: Build Frameworks First, Then Reserves and Stablecoins

Kevin: If you were advising a major government today, what would you tell them about Bitcoin? What are they not doing yet?

CZ: First, establish a crypto regulatory framework.

But having a framework isn't enough; you need continuous evaluation: what's good, what's bad, how to revise, how to improve over time.

Many regulatory frameworks currently focus on a few areas. In the past few years, the focus was usually on centralized exchanges; in the last year or two, many countries have started looking at stablecoins. More attention on stablecoins is good, because there's a lot of discussion in the US around the GENIUS and CLARITY acts.

Beyond that, many countries haven't established crypto reserves. I usually advise them to build crypto reserves because it's very important for long-term national development.

Many countries also haven't issued their own stablecoins. They need to bring their national currency onto the blockchain to capture liquidity on-chain and promote international use of their currency.

Another important direction is asset tokenization. Besides stocks and traditional financial instruments, many countries are discussing tokenization of rare minerals, real estate, cultural and artistic assets. They see tokenization as a way to attract capital into the country or let overseas investors buy domestic assets.

8. Which Countries Are Leading the Way?

Kevin: Which countries do you think are doing best in these areas?

CZ: Different countries are pushing different directions.

I think the UAE currently has the most progressive crypto regulation. ADGM, the Abu Dhabi Global Market, issued a global license to Binance.com, allowing it to operate almost all products—that's a very important development. However, the UAE hasn't issued a major stablecoin yet, but I've heard there are discussions.

The US is pushing more on stablecoins and also focusing on exchange regulation. In the past, they mainly used MSB, money services business licenses, and similar frameworks. Now my impression is that the CFTC is moving fast at the federal level, especially on futures and derivatives licenses, which is very beneficial for the industry.

Japan is also moving forward, and Hong Kong is developing quickly. Singapore is relatively conservative today but still taking action.

Pakistan is also moving fast. I just had a meeting with them. Pakistan's regulatory progress is fast, but execution hasn't fully caught up—for example, exchanges don't yet have local bank accounts for customer funds. But these things are progressing, and they haven't issued a stablecoin yet.

Kazakhstan is moving very fast, with strong banking support; Binance Pay can work with the widely used local QR code system. Kyrgyzstan will also have progress soon. I'm visiting both countries next week. Overall, many countries are indeed moving quickly.

9. Which Countries Are Getting Bitcoin Wrong?

Kevin: Is there any major government that has completely gotten Bitcoin wrong?

CZ: I don't want to name specific countries and make them look bad.

But I think many countries see Bitcoin as something dangerous. In fact, not using Bitcoin might be more dangerous, because it means you're missing the trend.

It's similar to AI. Which country wouldn't want to master AI technology? If a country doesn't invest in AI or promote its domestic AI industry, that's dangerous. AI itself has risks, of course, but using AI correctly can bring tremendous value.

Bitcoin and cryptocurrency are the same. There are still some countries with many misunderstandings about them.

10. Will Bitcoin Become More Important Than Gold?

Kevin: You mentioned strategic reserves. If Bitcoin becomes a national strategic reserve asset, will it eventually become more important than gold?

CZ: Definitely. I believe Bitcoin will certainly become more important than gold.

Of course, it takes time for major countries to change. Today, countries already have a whole set of mechanisms for evaluating and holding gold. Shifting to Bitcoin or other crypto assets will take years. But it will happen.

Bitcoin is a better asset than gold. Peter Schiff may not agree—I've debated him before—but I think Bitcoin will be far more important.

11. Where Could Those Who Believe Bitcoin Will Surpass Gold Be Wrong?

Kevin: Many people here have long believed Bitcoin will surpass gold. Could we be wrong? Where would we be wrong?

CZ:

There's a very small possibility: a better digital currency than Bitcoin emerges and surpasses Bitcoin before Bitcoin surpasses gold.

But from what we see today, that probability is very small.

I think Bitcoin will surpass gold soon. Right now there's only about a 10x gap between the two; maybe the next bull market could make it happen.

12. How Should National Reserves Allocate Crypto Assets?

Kevin: If you were allocating reserves for a country today, what percentage would you recommend for Bitcoin? Why?

CZ: My advice is simple, and a little self-interested.

I usually recommend picking the top five cryptocurrencies by market cap, excluding stablecoins, because the country likely already has dollar reserves. Then allocate according to market cap weight.

That's the simplest, most direct, most market-driven approach.

With that allocation, you'd typically have over 50% in Bitcoin, 10% to 20% in Ethereum, and BNB would also be included.

13. Why Not Just Bitcoin?

Kevin: From a Bitcoin standpoint, I have to ask: why not recommend they only allocate to Bitcoin? This is a Bitcoin conference, after all, and many people here might be Bitcoin maximalists. If you understand Bitcoin, many would argue only Bitcoin truly matters.

CZ: I understand that view. The conference organizer David Bailey is a Bitcoin maximalist and a good friend of mine.

But I think if the entire industry were only Bitcoin, growth would be much slower.

Other blockchains don't take value away from Bitcoin. The existence of Ethereum and other blockchains actually helps Bitcoin grow. Without other blockchains, Bitcoin might be smaller, not bigger.

This industry is not a zero-sum game. What's good for Bitcoin is also good for other blockchains; what's good for other blockchains also helps Bitcoin in return.

Bitcoin has its own unique value: it has the largest market cap, is the most decentralized, and will remain a reserve currency for a long time. But other blockchains have more room for experimentation and can try new things faster. If those innovations can eventually be absorbed by Bitcoin, that's great too.

In the early days, the entire crypto industry was actually called the "Bitcoin industry," and later it gradually became known as Crypto. Actually, the word Crypto isn't very friendly to ordinary people—it sounds a bit scary and too mathematical; Web3 is a better term. But the name itself isn't the most important thing.

I think we should push the entire industry forward. We need multiple blockchains, multiple exchanges, multiple DEXs, multiple perpetual DEXs, and innovation in multiple directions. Competition brings more innovation and momentum.

The core of this industry is decentralization, so we should embrace "multiple of everything" rather than turning it into one versus another.

14. What Will Drive the Next Cycle?

Kevin: Over the past decade, we've proven Bitcoin can exist. What will be the real driver of the next cycle?

CZ: Frankly, I'm not sure.

From what I see now, RWA and AI are both strong. Stablecoins will continue to grow, centralized exchanges will continue to grow, decentralized exchanges will continue to grow, meme coins will continue to grow, and NFTs may return in some form.

Many sectors will continue to grow, but it's hard to predict the next real hotspot. In early 2017, I wouldn't have predicted ICOs; but six months later, ICOs became very important. Six months before the NFT boom, I couldn't have predicted it would explode.

So the next hotspot is hard to predict. It depends on entrepreneurs—on the people here and in the industry—they are the ones who create the next major trend.

15. What Currency Will AI Agents Use?

Kevin: Let's talk about AI. If in the future there are billions of AI agents that can autonomously buy, sell, negotiate, and transact, what currency will these agents use?

CZ: It will definitely be cryptocurrency.

Kevin: Which one specifically?

CZ: I think they'll likely start with stablecoins.

Once they can accept stablecoins, adding Bitcoin is easy. Then they can also add BNB, Ethereum, Solana, and other blockchain assets.

Additionally, some large AI companies may issue their own tokens. I've already discussed token issuance with several top AI companies.

Building data centers requires massive capital. One gigawatt of compute power costs roughly $30 billion to $50 billion. Many AI companies have high valuations but not enough capital to build the compute they need. Some companies want to build hundreds of gigawatts over the next few years, which could require trillions of dollars.

So they'll consider issuing data center tokens. In the future, when users use the data center, token holders might receive corresponding rewards.

If they issue a token, they'll want to maximize its utility—for example, using it to pay for subscription services and further tying it to different language models and services. So it's not unimaginable for AI companies to issue their own utility tokens.

We've already seen projects closely related to OpenAI issue tokens, like Worldcoin. Although it doesn't have a very strong utility model today, those teams are indeed very close to AI companies.

I think when AI helps us handle payments, they will use cryptocurrency. But at the current stage, AI payments may come after AI trading.

For example, having an AI agent book a hotel or pay bills—these payments are not the top priority for leading AI companies right now. They're more focused on making agents smarter and helping users find the best options. Users can still swipe their credit cards themselves at the end.

But trading is different. Trading requires fast information gathering, quick reactions, chart analysis, and strategy execution. AI can significantly improve efficiency—maybe 10x. In that scenario, you wouldn't want AI to analyze and then have you manually click to trade; you'd want AI to place orders directly.

So AI will likely trade on behalf of people first, then pay on behalf of people.

16. Is Bitcoin Still a Savings Technology?

Kevin: Does this mean that, whether in the human world or the AI world, Bitcoin remains primarily a savings technology? Stablecoins or other crypto assets are used for machine-to-machine commerce and transactions?

CZ: To a large extent, yes, that's the next step.

But as more people use stablecoins for payments, many payments will also shift to native cryptocurrencies like Bitcoin payments.

Many people aren't used to Bitcoin's price volatility. But once payment rails are fully open and can widely accept cryptocurrency, people holding Bitcoin won't first convert it to stablecoins. They hold Bitcoin long-term, don't care about short-term fluctuations, and don't want the extra step of converting to fiat-pegged assets before spending.

I hold BNB myself, and also some Bitcoin. I mainly spend BNB. I don't sell BNB for dollars before spending because that's very inconvenient. When using the Binance Card, the system deducts BNB based on the spending amount. I don't care much about the exchange rate at that moment because prices fluctuate and may go up. I just spend at the day's or minute's price.

So initially people will pay with stablecoins; but as payment networks become more widespread, people will directly spend the cryptocurrencies they already hold.

17. What Does CZ Hope His Contribution to the "Bitcoin Century" Will Be?

Kevin: This conversation is called the "Bitcoin Century." What do you hope CZ's contribution to this Bitcoin Century will be?

CZ: I actually don't know.

My mindset has always been to do my best. If my abilities are limited, I contribute a little; if my abilities are stronger, I contribute more.

So far, I believe I've made some contributions to the crypto industry within my capabilities. As long as I can still do it in the future, I will continue to do my best and keep contributing to this industry.

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