Binance CEO sees Bitcoin soaring above $80k as demand continues to come

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Binance CEO Richard Teng predicts Bitcoin’s worth will surpass the $80,000 mark amid rising investments in crypto-backed exchange-traded funds.

Binance CEO Richard Teng foresees Bitcoin’s value surpassing the $80,000 mark amid a surge in investments in crypto-backed exchange-traded funds (ETFs), Bloomberg reports.

Teng, who became Binance CEO following the departure of the alternate’s founder Changpeng Zhao in November 2023, emphasised the substantial inflow of capital from institutional buyers into spot Bitcoin ETFs, significantly following regulatory approval for such merchandise earlier this yr by the U.S. Securities and Alternate Fee.

Expressing optimism about Bitcoin’s ongoing development trajectory, Teng remarked that the market is “simply getting began.” Initially forecasting BTC to finish the yr at round $80,000, Teng now anticipates the worth of the cryptocurrency to develop even greater “with provide lowering and demand persevering with to come back by.”

Regardless of a recent dip beneath the $69,000 mark, Bitcoin has appreciated by over 55% this yr, sparking issues of a possible speculative bubble and triggering intervals of volatility and sell-offs amongst sure buyers.

Nevertheless, CEO Kris Marszalek characterised the latest sell-off as a “wholesome transfer” in a CNBC interview, suggesting it serves to alleviate collected leverage throughout the market. Marszalek highlighted that present on-chain exercise mirrors that of December 2020 to January 2021, noting that volatility is “truly fairly low in comparison with what we have now seen in earlier cycles.”

Crypto business leaders usually seem to share a constructive outlook for Bitcoin’s future, anticipating additional development barring unexpected occasions. As crypto.information earlier reported, Galaxy Digital CEO Michael Novogratz expects potential corrections and consolidation to the mid-$50,000 vary, earlier than Bitcoin might take off “to the brand new excessive.”

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