Binance CEO Richard Teng now expects the price of bitcoin to surpass his earlier estimate of $80,000 this year. The executive anticipates continued significant inflows into U.S. spot bitcoin exchange-traded funds (ETFs) as endowments and family offices increase bitcoin exposure in their investment portfolios.
Binance CEO Teng’s Bitcoin Price Prediction
Binance CEO Richard Teng shared his bitcoin outlook and price forecast at an event in Bangkok on Sunday. Teng took over as the chief executive of Binance after Changpeng Zhao (CZ) stepped down in November last year following the crypto exchange’s $4.3 billion settlement with U.S. authorities.
Teng explained that U.S. spot bitcoin exchange-traded funds (ETFs) have seen significant inflows since their approval in January, adding that he expects more endowments and family offices to increase allocations to these funds in the near future.
Referencing his earlier forecast of bitcoin reaching $80,000 by the end of the year, Teng explained that he now sees the crypto’s price exceeding his estimate “with supply reducing and demand continuing to come through.” While clarifying that the BTC price forecast was his personal view, he described that the crypto rally won’t be a “straight line,” stating that the ups and downs will be good for the market.
Teng also commented on bitcoin’s recent achievement of a new all-time high and the significant inflows into spot bitcoin ETFs, stating: “We’re just getting started.”
Many people expect a substantial surge in bitcoin’s price, fueled by demand for spot bitcoin ETFs and the halving. Galaxy Digital CEO Mike Novogratz anticipates BTC hitting $100K this year, citing “runaway momentum” for spot bitcoin ETFs. Bernstein’s analysts are now more convinced that the crypto will reach $150K by mid-2025. Bitwise CIO Matt Hougan said BTC could top $200K this year due to “too much demand and not enough supply.” Meanwhile, Rich Dad Poor Dad author Robert Kiyosaki expects BTC to hit $300K this year.
What do you think about Binance CEO Richard Teng’s bitcoin price prediction? Let us know in the comments section below.
Source: Bitcoin
