The CEO of Binance, Richard Teng, now anticipates that the price of bitcoin will rise over his previous projection of $80,000 this year. As endowments and family offices enhance their exposure to bitcoin in their investment portfolios, the executive expects strong inflows into U.S. spot bitcoin exchange-traded funds (ETFs) to continue.
Bitcoin Price Forecast by Binance CEO Teng
At a Bangkok event on Sunday, Binance CEO Richard Teng discussed his vision and price prediction for bitcoin. After the cryptocurrency exchange reached a $4.3 billion settlement with US authorities in November of last year, Changpeng Zhao (CZ) resigned as CEO of Binance, and Teng assumed the role.
Teng clarified that since its introduction in January, U.S. spot bitcoin exchange-traded funds (ETFs) have had sizable inflows, and he added that he anticipates additional endowments and family offices to raise their allocations to these funds soon.
Teng said he now sees the price of the cryptocurrency surpassing his prediction, citing his previous prediction that it will reach $80,000 by year’s end “with supply reducing and demand continuing to come through.” He clarified that his prediction for the price of Bitcoin was his personal opinion, but he said that the market will benefit from the ups and downs and that the crypto rally won’t be a “straight line.”
Teng added, “We’re just getting started,” in response to the news that bitcoin had reached a new all-time high and the large inflows into spot bitcoin ETFs.
The halving and the demand for spot bitcoin ETFs are expected to drive a significant price increase for bitcoin, according to many. Mike Novogratz, the CEO of Galaxy Digital, believes that bitcoin will reach $100,000 this year and cites the “runaway momentum” for spot ETFs. Analysts at Bernstein are now more certain that the cryptocurrency will hit $150K by the middle of 2025. Because of “too much demand and not enough supply,” Bitwise CIO Matt Hougan predicted that Bitcoin may reach $200K this year. Robert Kiyosaki, the author of Rich Dad Poor Dad, predicts that Bitcoin will reach $300,000 this year.
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