Bullish voices are constantly heard! Binance's new CEO: Expects Bitcoin to break through $80,000 amid continuous inflow of ETFs

Zhitong
2024.03.17 23:38
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Binance's newly appointed CEO Richard Teng predicts that as institutional investors pour more funds into ETFs supporting cryptocurrencies, Bitcoin will surpass $80,000. He pointed out that earlier this year, the launch of Bitcoin ETFs in the United States attracted institutional investors and new capital inflows. Despite recent fluctuations and sell-offs in the price of Bitcoin, reduced supply and increased demand will drive its price above $80,000. Binance founder Zhao Changpeng resigned as CEO, and Richard Teng took over. Binance is one of the world's largest cryptocurrency exchange platforms

According to the information from the Smart Finance APP, Richard Teng, CEO of Binance, stated at an event in Bangkok last Sunday that as institutional investors put more funds into ETFs supported by cryptocurrencies, Bitcoin will continue its record-breaking rise and surpass $80,000.

Teng mentioned that earlier this year, the introduction of Bitcoin ETFs in the United States attracted institutional investors and new capital flows, adding, "We are just getting started."

Teng estimated earlier that the price of Bitcoin would be around $80,000 by the end of this year, but now he believes that "with decreasing supply and increasing demand," the price of Bitcoin will exceed $80,000. He reiterated that this prediction is his personal opinion and added that the upward trend will not be a "straight line," and fluctuations are beneficial to the market.

It is understood that the world's largest cryptocurrency has risen by 56% this year, reaching a historical high of nearly $73,798 last week. However, this recent surge has raised concerns among some investors about a bubble, leading to a round of volatility and selling in the past few trading days.

As of the time of writing, the price of Bitcoin is hovering around $68,000.

After the settlement between the U.S. SEC and Binance, Zhao Changpeng, the founder of Binance, announced his resignation as CEO of Binance. Richard Teng, the former Global Regional Market Director, has been appointed as the new CEO. Prior to joining Binance, Richard served as the CEO of the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority; Chief Regulatory Officer of the Singapore Exchange (SGX); and Director of Corporate Finance at the Monetary Authority of Singapore.

Since receiving approval in January, the U.S. spot Bitcoin ETF has been receiving a continuous inflow of funds. Teng stated that more donor-advised funds and family offices are expected to increase their allocation to Bitcoin ETFs in the short term

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