Coin Edition -
- Binance CEO Richard Teng foresees Bitcoin surpassing $80,000 via ETF inflows.
- Launch of a Bitcoin spot ETF in the U.S. attracted institutional investors and capital inflows, claimed Teng.
- Fund flows into Bitcoin ETFs are “just getting started,” Teng says
According to a Bloomberg report, Binance CEO Richard Teng has provided insights suggesting a potential surge in Bitcoin’s value. Teng predicts that Bitcoin could exceed the $80,000 mark, driven by inflows from Bitcoin exchange-traded funds (ETFs).
Teng had previously stated that the cryptocurrency would end the year at $80,000 but now sees it exceeding that “with supply reducing and demand continuing to come through.” Speaking at an event in Bangkok, Teng highlighted the pivotal role of the recent U.S. Bitcoin ETF launch in attracting institutional investors.
The leading cryptocurrency has surged 56% this year, hitting an all-time high of nearly $73,798 last week. However, according to a Bloomberg report, 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, which came after the company reached a staggering $4.3 billion settlement with U.S. authorities.
Lately, the CEO has persisted in alluding to his positive outlook on BTC when questioned about the significance of the number three, which he adopted as a symbol. Tang highlighted that the number represented his “commitment” to three key group stakeholders: users, regulators, and partners.
Asked by Thai community why I adopted 3 as a symbol. Reasons below:- It represents my commitment to 3 key group of stakeholders: (i) users; (ii) regulators; (iii) partners. 3 is a lucky number in numerology and amongst Chinese – associated with luck, success, abundance.… pic.twitter.com/Wt7Ldf60S7— Richard Teng (@_RichardTeng) March 17, 2024
In the Bloomberg report, the CEO reiterated that the forecast was his personal view, adding that the Bitcoin rally wouldn’t be a “straight line.” Teng believes that the “ups and downs” will be good for the market.
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