Richard Teng, Binance's new president, expects Bitcoin (BTC) to cross the $80,000 mark by the end of this year, according to Bloomberg.
“With low supply and continued demand,” Teng said, he expects the world’s largest cryptocurrency to exceed his previous estimate of $80,000.
The cryptocurrency market has steadily reached new highs this year on the back of the immediate approval of a Bitcoin ETF in the US, with Bitcoin surpassing $73,000 for the first time last week.
Richard Teng replaced Binance founder Changpeng Zhao (CZ) as the cryptocurrency exchange's new CEO in November 2023 after the latter resigned as part of a $4.3 billion settlement with US authorities.
Family offices and endowment funds will also increase their investments in bitcoin ETFs in the near term, the report said, citing Teng. Teng was speaking at an event in Bangkok on Sunday, the report said, and also said that the rise would not be a “straight line”, and that ups and downs would be good for the market.
