- Binance CEO Richard Teng expects Bitcoin to surpass $80,000 by ETF inflows.
- Teng claimed that the launch of a Bitcoin spot ETF within the US has attracted institutional traders and capital inflows.
- Inflows into Bitcoin ETFs are “simply starting,” Teng says.
In accordance with a report by Bloomberg, Binance CEO Richard Teng supplied an perception that implies Bitcoin's worth might skyrocket. Teng predicts that Bitcoin might surpass the $80,000 stage attributable to inflows from Bitcoin Alternate Traded Funds (ETFs).
Teng beforehand mentioned the year-end worth of the cryptocurrency can be $80,000, however he now expects it to exceed that “attributable to dwindling provide and continued demand.” Talking at an occasion in Bangkok, Teng emphasised that the latest launch of a US Bitcoin ETF is taking part in a pivotal position in attracting institutional traders.
The main cryptocurrency has soared 56% this 12 months, hitting an all-time excessive of almost $73,798 final week. However considerations a few potential bubble have grown amongst traders, resulting in latest volatility and promoting, Bloomberg stories.
Teng took over as CEO following the resignation of Binance co-founder Chao Changpeng in November, after the corporate reached a staggering $4.3 billion settlement with US authorities.
Lately, the CEO has persistently hinted at his optimistic outlook for BTC when requested concerning the significance of the quantity 3, which he adopted as a logo. Mr Tan confused that the determine represents his “dedication” to the group's three key stakeholders: customers, regulators and companions.
In a Bloomberg report, the CEO reiterated that this prediction was his private opinion, including that Bitcoin's rise will not be “linear.” Teng believes that the “up and down” shall be good for the market.
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