Binance CEO sees Bitcoin soaring above $80k as demand continues to come

Binance CEO Richard Teng predicts Bitcoin’s value will surpass the $80,000 mark amid increasing investments in crypto-backed exchange-traded funds.

Binance CEO Richard Teng foresees Bitcoin’s price surpassing the $80,000 mark amid a surge in investments in crypto-backed exchange-traded funds (ETFs), Bloomberg reports.

Teng, who became Binance CEO following the departure of the exchange’s founder Changpeng Zhao in November 2023, emphasized the substantial influx of capital from institutional investors into spot Bitcoin ETFs, particularly following regulatory approval for such products earlier this year by the U.S. Securities and Exchange Commission.

Expressing optimism about Bitcoin’s ongoing growth trajectory, Teng remarked that the market is “just getting started.” Initially forecasting BTC to end the year at around $80,000, Teng now anticipates the price of the cryptocurrency to grow even higher “with supply reducing and demand continuing to come through.”

Despite a recent dip below the $69,000 mark, Bitcoin has appreciated by over 55% this year, sparking concerns of a potential speculative bubble and triggering periods of volatility and sell-offs among certain investors.

However, Crypto.com CEO Kris Marszalek characterized the recent sell-off as a “healthy move” in a CNBC interview, suggesting it serves to alleviate accumulated leverage within the market. Marszalek highlighted that current on-chain activity mirrors that of December 2020 to January 2021, noting that volatility is “actually pretty low compared to what we have seen in previous cycles.”

Crypto industry leaders generally appear to share a positive outlook for Bitcoin’s future, anticipating further growth barring unforeseen events. As crypto.news earlier reported, Galaxy Digital CEO Michael Novogratz expects potential corrections and consolidation to the mid-$50,000 range, before Bitcoin could take off “to the new high.”