Bitcoin is set to continue its record-breaking rally and rise above $80,000 asinstitutional investors pour more moneyinto the crypto-backed exchange-tradedfunds, according to Binance chief executive officer Richard Teng.
The launch of Bitcoin ETF in the US earlier this year has attractedinstitutional investors and new fundflows, Teng said at an event in Bangkokon Sunday, adding "we're just gettingstarted.Teng said he had earlier estimated thecryptocurrency would end the year ataround $80,000, but now sees itexceeding that "with supply reducing anddemand continuing to come through." Hereiterated the forecast was his personalview, adding the rally won't be a "straightline" and the ups and downs s will will De be goodfor the market.