Binance CEO Richard Teng said at an event in Bangkok last Sunday that Bitcoin will continue its record rise and rise above $80,000 as institutional investors invest more money into crypto-backed ETFs.
The Zhitong Finance App learned that Binance CEO Richard Teng said at an event in Bangkok last Sunday that as institutional investors invest more money into crypto-backed ETFs, Bitcoin will continue its record rise and rise above $80,000.
Teng said that the Bitcoin ETF launched in the US earlier this year attracted institutional investors and fresh capital flows, adding: “We're just getting started.”
According to Teng, he had earlier estimated that the price of Bitcoin would be around $80,000 by the end of this year, but now he believes that “as supply decreases, demand continues to increase,” the price of Bitcoin will exceed $80,000. He reiterated that this forecast is his personal opinion and added that the rise will not be a “straight line” and that the rise and fall are beneficial to the market.
According to information, the world's largest cryptocurrency has accumulated a cumulative increase of 56% this year, reaching a record high of nearly 7,3798 US dollars last week. However, this round of growth has raised concerns among some investors about the bubble, and there has been a round of volatility and sell-off in recent trading days.
As of press time, the price of Bitcoin is hovering around $68,000.
Following the settlement between the US SEC and Binance, Binance founder Changpeng Zhao announced his resignation as Binance CEO, and Richard Teng, the current former head of global regional markets, was appointed as the new CEO. Prior to joining Binance, Richard was CEO of the Abu Dhabi Global Markets (ADGM) Financial Services Supervisory Authority; Chief Supervisor of the Singapore Exchange (SGX); and Director of Corporate Finance at the Monetary Authority of Singapore.
Since it was approved in January, US spot Bitcoin ETFs have had a steady stream of capital inflows. Teng said it is expected that more endowment funds and family finance offices will increase their allocation to Bitcoin ETFs in the short term.