Crypto:
30251
Bitcoin:
$66.225
% 1.05
BTC Dominance:
%54.5
% 0.21
Market Cap:
$2.38 T
% 1.77
Fear & Greed:
74 / 100
Bitcoin:
$ 66.225
BTC Dominance:
% 54.5
Market Cap:
$2.38 T

Binance CEO Teng Predicts Bitcoin to Surpass $80,000 Driven by ETF Inflows

Bitcoin

Binance CEO Richard Teng has offered insights indicating a potential uptick in Bitcoin’s value, as per a Bloomberg report. Teng anticipates Bitcoin to surpass the $80,000 milestone, propelled by inflows from Bitcoin exchange-traded funds (ETFs).

Previously, Teng had projected the cryptocurrency to reach $80,000 by the end of the year, but now foresees it surpassing that threshold “with supply reducing and demand continuing to come through.” Speaking at an event in Bangkok, Teng emphasized the significant role played by the recent launch of U.S.-based Bitcoin (BTC) ETFs in attracting institutional investors.

Bitcoin, the leading cryptocurrency, has witnessed a 56% surge in value this year, reaching an all-time high of nearly $73,798 last week. However, according to a Bloomberg report, concerns about a potential market bubble have emerged among investors, resulting in recent volatility and sell-offs.

Teng assumed the CEO position following the resignation of Binance’s Co-Founder Changpeng Zhao in November, which occurred after the company settled with U.S. authorities for a staggering $4.3 billion.

Recently, the CEO has consistently expressed optimism about BTC, particularly when discussing the significance of the number three, which he adopted as a symbol. Teng highlighted that the number represented his “commitment” to three key stakeholder groups: users, regulators, and partners.

In the Bloomberg report, the CEO reiterated that his forecast reflected his personal view, further noting that the Bitcoin rally wouldn’t be a “straight line.” Teng believes that the market’s “ups and downs” will ultimately benefit its overall health.


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