According to CoinDesk: In a recent interview with Bloomberg, Richard Teng, the CEO of Binance, said he expects Bitcoin (BTC), the world's largest cryptocurrency, to exceed $80,000 by the end of this year. With reducing supply and continually increasing demand, Binance's new chief sees Bitcoin going beyond his prior estimate.
His comments follow a consistent ascension of the crypto market to new highs this year backed by the U.S.' approval of spot Bitcoin ETFs. Bitcoin saw a record $73,000 last week amidst the market rally driven by institutional adoption.
This optimistic sentiment aligns with Standard Chartered (STAN), which increased its end-of-the-year target for Bitcoin to $150,000 on Monday.
Richard Teng stepped into his role as Binance's CEO in November 2023, succeeding Changpeng Zhao (CZ), who resigned following a $4.3 billion settlement with U.S. regulators.
In addition to his Bitcoin prediction, Teng anticipates that family offices and endowment funds will augment their investments in Bitcoin ETFs shortly. As per Teng, the ongoing rally will not be a smooth trajectory and should encompass ups and downs, which he believes will prove beneficial for the market.
