Recent developments in the crypto world have attracted attention, with Binance CEO Richard Teng making key announcements. Teng revealed that the number of institutional investors joining the exchange this year has increased by 40%. Speaking at an event in Singapore, Teng emphasized that institutional interest in the crypto market is only the tip of the iceberg, with many investors still conducting due diligence. In a separate statement, Binance co-founder He Yi addressed various concerns regarding the exchange’s listing decisions.
Binance CEO Richard Teng Talks About Crypto Interest
Teng highlighted the growing opportunities that the crypto market presents to institutional investors, noting a 40% growth in institutional and corporate investment this year. While Teng didn’t disclose which institutions were leading the charge, he emphasized the growing trend of corporate interest in crypto. The recent approval of spot Bitcoin and Ethereum ETFs in the U.S. has played a significant role in this growth, Teng added.
The approval of these ETFs has reduced regulatory uncertainties and helped bring cryptocurrencies to a broader audience. Spot Bitcoin ETFs are considered a key step in integrating digital assets into traditional financial products, providing a safer gateway for investors. Teng believes this approval has fueled institutional interest in major cryptocurrencies like Bitcoin and Ethereum, contributing to the market’s maturation. He also emphasized the importance of regulatory clarity and a legal framework for broader crypto adoption.
Bitcoin Expected to Surpass $70,000 in 2024
A hot topic in the crypto community is Bitcoin’s future price predictions. According to Teng, Bitcoin is expected to surpass $70,000 by March 2024, driven by increasing institutional investment. He attributed this forecast to growing interest from major investors like Larry Fink, CEO of BlackRock, who has shifted his perspective on Bitcoin, now calling it “digital gold.” Fink’s change in stance has set a positive tone for institutional investors, Teng noted.
While Teng expects the bullish trend to continue into next year, he refrained from making an exact price prediction for Bitcoin. He emphasized that the market’s direction will largely depend on market dynamics and global economic developments.
Criticism of Binance’s Listing Process
Binance co-founder He Yi shed light on the platform’s listing process and responded to recent criticism surrounding meme coin listings. Yi explained that Binance follows a four-step procedure for listing tokens, including business development, research team assessment, committee review, and compliance audits. The surge in meme coin listings on Binance has sparked controversy among users, some of whom argue that these listings lower the platform’s standards.
Critics have also accused Binance of betraying its community by listing venture capital-backed coins. However, Yi assured users that Binance takes these concerns seriously and prioritizes community-driven projects. Projects with strong community support always get priority during the listing process.
Yi acknowledged that Binance has missed some key opportunities in the past, particularly in listing meme coins, which have brought significant traffic to the platform. Additionally, Yi highlighted the importance of solid business models in crypto projects, which play a critical role in the listing evaluation process.
