Binance CEO Teng Foresees Bitcoin Surpassing $80,000 through ETF Inflows

• Binance CEO Richard Teng foresees Bitcoin surpassing $80,000 through ETF inflows.
• Launch of a Bitcoin spot ETF within the U.S. attracted institutional buyers and capital inflows, claimed Teng. 
• Fund flows into Bitcoin ETFs are “simply getting began,” Teng says

In accordance with a Bloomberg report, Binance CEO Richard Teng has supplied insights suggesting a possible surge in Bitcoin’s worth. Teng predicts that Bitcoin might exceed the $80,000 mark, pushed by inflows from Bitcoin exchange-traded funds (ETFs).

Teng had beforehand acknowledged that the cryptocurrency would finish the 12 months at $80,000 however now sees it exceeding that “with provide decreasing and demand persevering with to come back by.” Talking at an occasion in Bangkok, Teng highlighted the pivotal function of the current U.S. Bitcoin ETF launch in attracting institutional buyers.

The main cryptocurrency has surged 56% this 12 months, hitting an all-time excessive of almost $73,798 final week. Nonetheless, based on a Bloomberg report, considerations a couple of potential bubble have risen amongst buyers, resulting in current volatility and sell-offs.

Teng assumed the function of CEO following Binance’s Co-Founder Changpeng Zhao’s resignation in November, which got here after the corporate reached a staggering $4.3 billion settlement with U.S. authorities. 

Currently, the CEO has endured in alluding to his constructive outlook on BTC when questioned in regards to the significance of the quantity three, which he adopted as an emblem. Tang highlighted that the quantity represented his “dedication” to a few key group stakeholders: customers, regulators, and companions. 

Within the Bloomberg report, the CEO reiterated that the forecast was his private view, including that the Bitcoin rally wouldn’t be a “straight line.” Teng believes that the “ups and downs” can be good for the market.