Binance CEO Richard Teng forecasts that Bitcoin will surpass $80,000 before the year ends. He attributed this likely increase to the growing interest from institutional investors in crypto-backed exchange-traded funds (ETFs).
In January, US regulators approved multiple Spot Bitcoin ETFs, essentially treating them like stocks for American investors. This decision was mirrored recently in the UK, making Bitcoin reach a new record high above $72,000.
At an event in Bangkok on Sunday, Teng said that the ETFs have enticed institutional investors and sparked fresh capital inflows. He suggested that this is merely the initial phase of a broader trend, Bloomberg reported on March 17.
Bitcoin will top $80,000 as investors pour money into crypto-backed exchange-traded funds, Binance CEO says https://t.co/V4fJijJD9v
— Bloomberg Crypto (@crypto) March 17, 2024
Binance CEO Revises Bitcoin Price Forecast
Teng previously expected Bitcoin to hit $80,000 by the end of the year. But he now believes it will surpass that mark due to reduced supply and sustained demand.
He emphasized that this prediction reflects his personal opinion, acknowledging that market fluctuations are inevitable but ultimately beneficial.
Rapid Rise to CEO
Binance named Teng as the head of all markets outside the US last May. By Nov. 2023, he took over as CEO, succeeding founder Changpeng Zhao, who stepped down following admitted mistakes.
Teng’s rapid rise to the CEO position came after less than two years with the company, showcasing his swift ascent within the organization.
Bitcoin last traded around $68,235, marking a 61% increase so far this year. ETF inflows are expected to keep driving prices up as Bitcoin’s record high garners new attention.
As Bitcoin stabilizes near its peak, Ethereum and other alternative cryptocurrencies have also surged with remarkable gains in recent days.
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