Richard Teng, the CEO of Binance, believes Bitcoin will exceed $80,000. This comes as crypto-backed exchange-traded funds (ETFs) see a rise in investment, according to a Bloomberg report. Since taking the helm at Binance after Changpeng Zhao stepped down in November 2023, Teng has observed a notable entry of institutional capital into Bitcoin ETFs. This follows the U.S. Securities and Exchange Commission’s approval of these products.
Teng is optimistic about Bitcoin’s price trajectory. He expects the cryptocurrency to climb beyond his initial year-end prediction of $80,000. This is due to a decrease in supply coupled with sustained demand. Even though Bitcoin’s price recently fell below $69,000, it has still gained over 55% this year. This spike has raised bubble fears and led to volatility and selling among some investors.
Kris Marszalek, CEO of Crypto.com, views the sell-off as beneficial. Speaking to CNBC, he suggested it reduces market leverage, mirroring the activity between December 2020 and January 2021. Marszalek also noted that current volatility levels are relatively low.
The crypto industry’s leaders maintain a positive stance on Bitcoin’s future, expecting continued growth unless unexpected events occur. Galaxy Digital‘s CEO, Michael Novogratz, anticipates a potential dip to the mid-$50,000 range before a rebound to new highs, as reported by crypto.news.
This collective optimism underscores the belief in Bitcoin’s enduring appeal and its potential to reach new price milestones. As investments in crypto ETFs grow and institutional interest remains high, the market seems set for further expansion.