Binance Chief Executive Officer Richard Teng has set his sights on Bitcoin surging beyond the $80,000 price level on the back of rising institutional investments into crypto-backed exchange-traded funds (ETFs).
Speaking at an event in Bangkok on Sunday, Teng highlighted the significant impact of the launch of Bitcoin ETFs in the United States earlier this year.
He noted that this development has attracted a considerable influx of institutional investors, propelling fresh funds into the cryptocurrency market.
Teng expressed confidence in Bitcoin’s upward trajectory, emphasizing that “we’re just getting started.”
Initially estimating Bitcoin to reach around $80,000 by the end of the year, Teng now believes that the cryptocurrency’s price will surpass this milestone.
He attributed this bullish outlook to a combination of decreasing supply and sustained demand within the market.
However, he cautioned that the rally wouldn’t be without its fluctuations, suggesting that the market’s ups and downs would ultimately benefit its overall health.
Bitcoin has already surged by an impressive 56% this year, reaching a record high of nearly $73,798 last week.
Despite concerns among some investors about a potential bubble, Teng remains optimistic about Bitcoin’s future trajectory.
Teng’s forecast comes in the wake of his appointment as CEO of Binance, succeeding co-founder Changpeng Zhao in November following the company’s $4.3 billion settlement with US authorities.
With relentless inflows into US spot Bitcoin ETFs since their approval in January, Teng expects further institutional adoption in the near term, with more endowments and family offices anticipated to increase their allocations into Bitcoin ETFs.
