Speaking at Bitcoin Asia 2025 in Hong Kong, Binance founder Changpeng Zhao (CZ) said Bitcoin has entered a new phase of institutional adoption, supported by clearer regulation and inflows from traditional capital. He noted that scalability remains Bitcoin’s core constraint. CZ added that DAT treasury companies can channel equity-market capital into crypto, but they also face governance and market-cycle risks. Over the long term, he expects RWA and AI to emerge as key growth drivers as programmable money converges with programmable demand.