Richard Teng believes that the fundamental value of Bitcoin will depend on its liquidity and the recognition of cryptocurrency as a full-fledged asset class. The head of the largest crypto exchange Binance, Richard Teng, believes that the upcoming Bitcoin halving will take place under “unique” conditions. In comments to The Block, Teng, who headed Binance in November 2023 after the departure of its founder Changpeng Zhao, indicated that the fourth Bitcoin halving is unique in that it will take place against the backdrop of a number of other important events in the Bitcoin ecosystem and will coincide with a period of growth in both cryptocurrency and and in the global market as a whole. In addition to the growing interest from institutional investors caused by the launch of exchange-traded funds (ETFs) on Bitcoin, according to Teng, today there is a boom in activity in Layer 2 networks and decentralized finance (DeFi) protocols on the blockchain bitcoin. This growth is largely due to the popularity of the Ordinals protocol, which allows the issuance of NFTs based on Bitcoin. According to him, the Bitcoin rate shows an upward trend for six months after each halving, which leads to a decrease in the rate of issuance of the first cryptocurrency. Teng believes that the reduction in the supply of new Bitcoin coins is a key factor in the growth of its price. #btc #eth #wsm
