Binance CEO Foresees Bitcoin Surpassing $80,000 Via ETF Inflows
Binance CEO Richard Teng has predicted a potential surge in Bitcoin’s value, with the cryptocurrency potentially exceeding the $80,000 mark due to inflows from Bitcoin exchange-traded funds (ETFs).
Teng had previously stated that Bitcoin would end the year at $80,000, but now sees it exceeding that due to supply reducing and demand continuing to come through.
The recent U.S. Bitcoin ETF launch has played a pivotal role in attracting institutional investors. The leading cryptocurrency has surged 56% this year, reaching an all-time high of nearly $73,798 last week.
However, concerns about a potential bubble have risen among investors, leading to recent volatility and sell-offs. Teng assumed the role of CEO following Binance’s Co-Founder Changpeng Zhao’s resignation in November.
He has emphasized the significance of the number three, which represents his commitment to users, regulators, and partners.
(With inputs from Shikha Singh)
You need to login in order to Like
