Richard Teng, the new CEO of Binance, believes that by year’s end, bitcoin (BTC) would soar above $80,000, as Bloomberg reports.
Teng stated that he anticipates the largest cryptocurrency in the world to surpass his earlier prediction of $80,000 “because supply is decreasing and demand is only increasing.”
Due in large part to the introduction of the spot bitcoin ETF in the United States last week, the cryptocurrency market has been continuously rising to new heights this year. Last week, bitcoin broke beyond $73,000.
Many financial institutions are now positive on cryptocurrencies as a result of the market rally, which is being fuelled by institutional adoption. Standard Chartered (STAN) increased its bitcoin year-end target to $150,000 on Monday.
In November 2023, Binance founder Changpeng Zhao (CZ), who had resigned as part of a $4.3 billion deal with U.S. authorities, was succeeded as CEO of the cryptocurrency exchange by Richard Teng.
According to the newspaper, which cited Teng, family offices and endowment funds will soon raise their investments in bitcoin ETFs. Teng stated that the rally won’t be a “straight line” and that the market will benefit from the ups and downs when speaking at an event on Sunday in Bangkok, according to the article.