• CK Zheng, former global head of valuation risk at Credit Suisse (UBS) and now co-founder/CIO of ZX Squared Capital, predicts Bitcoin will reach $150,000 by late 2027, driven by regulatory clarity, institutional adoption, and rising U.S. debt.
  • The forecast hinges on the Senate passing the CLARITY Act, with a key procedural vote set for September 15; market-based odds of enactment by year-end are below 25%.
  • Bitcoin currently trades near $78,535, down roughly 18% year-to-date and about 43% below its October record high, highlighting the gap between bullish long-term narratives and current volatility.

A Bold Call Amid Volatility

Bitcoin’s wild ride continues to attract bold predictions. CK Zheng, who once oversaw risk at Credit Suisse and now runs crypto fund ZX Squared Capital, says the worst is over for the digital asset. He expects a new bull market to kick off in late 2026 or early 2027, with Bitcoin hitting $150,000 by the end of 2027. That’s nearly double the current price of around $78,535.

Zheng, speaking in an interview, sees three catalysts: a renewed four-year cycle upswing, greater institutional adoption, and passage of the Digital Asset Market CLARITY Act. The bill, which aims to clarify regulatory oversight between the SEC and CFTC, passed the House in July by a 294-134 vote and cleared the Senate Banking Committee in May. But the next hurdle is a September 15 cloture vote—needing 60 votes to move forward—and odds of enactment by year-end are slim, according to market estimates that put the chance below 25%.

Regulatory Clarity as a Key Driver

Zheng argues that formal market-structure rules would reduce perceived risk for pensions, asset managers, and banks, spurring institutional demand for a scarce asset. “The market has matured,” he said, dismissing comparisons to the 2022 crypto collapse. “We’re seeing a different cycle, one driven by infrastructure and regulation rather than speculation.”

But not everyone is convinced. Grayscale’s research head Zach Pandl notes that Bitcoin already has relatively clearer commodity status than other tokens, so the legislation might benefit assets like Ethereum and Solana more. “Bitcoin may not be the biggest winner from the CLARITY Act,” Pandl said.

The Macro Angle: Debt and Debasement

Zheng also points to rising U.S. debt as a driver. He expects increased demand for Bitcoin and gold as hedges against dollar debasement, especially as deficits balloon in 2027. This narrative resonates with some investors, though critics argue Bitcoin’s short-term behavior often tracks risk assets, not safe havens, and its inflation-hedge status remains an unproven thesis.

What’s Next

The immediate focus is the Senate vote. Should the bill advance, it could boost sentiment, but delays or failures could pressure prices. Meanwhile, Bitcoin remains sensitive to macro factors like Fed policy, Treasury yields, and broader risk appetite.

For now, Zheng’s forecast is a scenario, not a guarantee. It’s a bet on political will and institutional flows aligning in the next couple of years. As with all crypto calls, the road to $150,000 could be bumpy—and may not arrive on schedule.

This article was updated to include Zheng’s specific timeline and the Senate vote date.