Richard Teng, CEO of cryptocurrency exchange Binance, predicts a bright future for Bitcoin and predicts that the BTC price will exceed the $ 80,000 mark.
The US decision to approve the launch of a Bitcoin ETF earlier this year sparked interest among institutional investors and led to new fund flows. Speaking at an event in Bangkok, Teng said, “We are just getting started.”
Previously, Teng predicted that Bitcoin would close the year around $80,000. However, he now believes it will exceed this figure due to decreasing supply and continued demand. Teng emphasized that this forecast was his personal opinion and warned that the rally would not be a straight line. He added that the market will benefit from ups and downs.
Teng took over as CEO after Binance co-founder Changpeng Zhao resigned in November and Binance reached a $4.3 billion settlement with US authorities.
Since the approval of US spot Bitcoin ETFs in January, there has been a relentless flow of investment. Teng expects more foundations and family offices to increase their allocations to Bitcoin ETFs in the near term.
*This is not investment advice.