Binance CEO Richard Teng Predicts Bitcoin Breaking $80,000 Fueled by ETF Inflows

Watch Icon
Binance CEO Richard Teng Predicts Bitcoin Breaking $80,000 Fueled by ETF Inflows

Binance CEO Richard Teng forecasts that Bitcoin will surpass $80,000 before the year ends. He attributed this likely increase to the growing interest from institutional investors in crypto-backed exchange-traded funds (ETFs).

In January, US regulators approved multiple Spot Bitcoin ETFs, essentially treating them like stocks for American investors. This decision was mirrored recently in the UK, making Bitcoin reach a new record high above $72,000.

At an event in Bangkok on Sunday, Teng said that the ETFs have enticed institutional investors and sparked fresh capital inflows. He suggested that this is merely the initial phase of a broader trend, Bloomberg reported on March 17.

Bitcoin will top $80,000 as investors pour money into crypto-backed exchange-traded funds, Binance CEO says

— Bloomberg Crypto (@crypto) March 17, 2024

Binance CEO Revises Bitcoin Price Forecast

Teng previously expected Bitcoin to hit $80,000 by the end of the year. But he now believes it will surpass that mark due to reduced supply and sustained demand.

He emphasized that this prediction reflects his personal opinion, acknowledging that market fluctuations are inevitable but ultimately beneficial.

Rapid Rise to CEO

Binance named Teng as the head of all markets outside the US last May. By Nov. 2023, he  took over as CEO, succeeding founder Changpeng Zhao, who stepped down following admitted mistakes.

Teng’s rapid rise to the CEO position came after less than two years with the company, showcasing his swift ascent within the organization.

Bitcoin last traded around $68,235, marking a 61% increase so far this year. ETF inflows are expected to keep driving prices up as Bitcoin’s record high garners new attention.

As Bitcoin stabilizes near its peak, Ethereum and other alternative cryptocurrencies have also surged with remarkable gains in recent days.

The post Binance CEO Richard Teng Predicts Bitcoin Breaking $80,000 Fueled by ETF Inflows appeared first on Cryptonews.

More News

Bitcoin Price Prediction as Jim Cramer Say...

Watch Icon
Last updated

As the stock market braces for a potential pullback, with CNBC’s Jim Cramer pointing to overvalued tech stocks and artificial intelligence ventures, the impact on cryptocurrency markets, particularly Bitcoin price prediction, becomes a focal point of interest. Cramer’s commentary follows a downtrend in major indices like the Dow Jones Industrial Average, S&P 500, and Nasdaq The post Bitcoin Price Prediction as Jim Cramer Says Stock Market is Ready for a ‘Pullback’ – Will BTC Drop? appeared first on Cryptonews.

Bitwise Joins Ethereum Spot ETF Race, File...

Watch Icon
Last updated

Crypto investment firm Bitwise has submitted an application to the Securities and Exchange Commission (SEC) to launch a spot Ethereum exchange-traded fund (ETF).  The post Bitwise Joins Ethereum Spot ETF Race, Files Application with SEC appeared first on Cryptonews.

Zeebu (Zbu) Now Listed for Trading on the ...

Watch Icon
Last updated

Zeebu is the world’s first Web3-powered Neobank built for telecoms, enabling efficient, instant and secure settlements on the blockchain. Zeebu, the pioneering Web3 Neobank for telecoms, is thrilled to announce that its native loyalty token, ZBU, is now officially listed on and began trading at 9:00 AM on November 09, 2023 (UTC). As one … Continued The post Zeebu (Zbu) Now Listed for Trading on the Exchange appeared first on BeInCrypto.

Back to Top