Crypto News- In a recent Bloomberg report, Binance CEO Richard Teng shared insights hinting at a potential uptick in Bitcoin’s value. Teng’s prognosis suggests Bitcoin could surpass the $80,000 milestone, fueled by inflows from Bitcoin exchange-traded funds (ETFs).
ETF Momentum: Binance CEO Teng Forecasts Bitcoin Crossing 80,000 Dollars Threshold
Previously projecting Bitcoin to close the year at $80,000, Teng now envisions it exceeding this mark, citing a reduction in supply and sustained demand. Speaking at an event in Bangkok, Teng underscored the significance of the recent U.S. Bitcoin ETF launch in attracting institutional investors.
Bitcoin, the leading cryptocurrency, has already surged 56% this year, reaching an all-time high of nearly $73,798 just last week. Despite this, investor concerns about a potential bubble have surfaced, leading to recent bouts of volatility and sell-offs.
Binance CEO Teng Assumes Leadership Post-Zhao’s Exit Amid 4.3B Dollars Settlement
Teng stepped into the role of CEO after Binance’s Co-Founder Changpeng Zhao’s resignation in November, following the company’s $4.3 billion settlement with U.S. authorities.
Lately, Teng has consistently expressed optimism about BTC, notably referencing the number three as symbolizing his dedication to three key stakeholders: users, regulators, and partners. In the Bloomberg report, Teng reiterated that his forecast was a personal view, emphasizing that the Bitcoin rally wouldn’t follow a linear trajectory. He believes the market’s “ups and downs” will ultimately benefit it.
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