According to Bloomberg, the launch of Bitcoin ETF in the US earlier this year has attracted institutional investors and new fund flows, said Teng at an event in Bangkok. He added that the cryptocurrency market is just getting started. Teng had previously estimated that Bitcoin would end the year at around $80,000, but now sees it exceeding that value due to reduced supply and continued demand. He emphasized that this forecast is his personal view and that the rally won't be a straight line, with ups and downs being beneficial for the market.
The world's largest cryptocurrency has surged 56% this year, reaching an all-time high of almost $73,798 last week. This rally has sparked concerns of a bubble among some investors, leading to volatility and selloffs in recent sessions. Since the approval of US spot Bitcoin ETFs in January, there have been relentless inflows into these funds. Teng expects more endowments and family offices to increase allocations into Bitcoin ETFs in the near term.
