Binance CEO calls out: Bitcoin will exceed $80,000

Original author: Mlixy

Original source: W3C DAO

"just started"

Recently, Binance CEO Richard Teng said that Bitcoin will continue its record rise and rise above $80,000 as institutional investors pour more money into cryptocurrency-backed exchange-traded funds.

Speaking at an event in Bangkok on Sunday, Teng said that a Bitcoin ETF launched in the United States earlier this year has attracted institutional investors and new capital flows, adding:

"We are just getting started."

In addition, Richard Teng said that he had earlier estimated that the price of Bitcoin would hit around $80,000 by the end of this year.

But now, he believes that the price of Bitcoin will exceed $80,000 “as supply decreases and demand continues to increase.” He reiterated that the prediction was his personal opinion, adding:

"The rebound won't be a 'straight line', ups and downs are good for the market."

Long term Bitcoin holders

Previously, on January 8, Richard Teng said:

“I am a long-term holder of Bitcoin. I believe in the potential of this technology and am bullish on the entire rapidly growing industry.

It can be said that in just six years since its establishment, Binance has grown like other giants in decades. The industry will continue to grow due to a variety of factors, including increased credibility, user trust, the entry of new institutions and the development of new products. "

At the same time, he expressed support for Bitcoin ETF, believing that more products will bring more users and make the industry more popular.

When asked which tracks he was optimistic about, he said: "In the next few years, we will see the combined use of blockchain and artificial intelligence, as well as the gradual process of asset tokenization."

“Blockchain offers solutions that financial institutions cannot guarantee, such as 24/7 operations and support where financial inclusion is poor. But the beauty of blockchain is its immutability and traceability, and it also It will show up in other areas, not just finance."

Regarding Binance, Richard Teng stated in his open letter on his 100th day in office that Binance’s global registered users have exceeded 178 million. According to data from DefiLlama, Binance recorded more than $3 billion in net inflows from the end of November to the end of February, surpassing its largest competitor’s net inflows during the same period. In January specifically, the Binance platform attracted its largest estimated inflow since November 2022.

Binance’s new brother

Richard Teng has more than three decades of financial services and regulatory experience. He has held senior positions at institutions such as the Monetary Authority of Singapore, Singapore Exchange and Abu Dhabi Global Market. He is one of the few pioneers in virtual asset regulation in the world.

In 1997, he joined the Monetary Authority of Singapore (MAS) and worked there for 13 years, including as Head of Corporate Finance.

In 2007, Richard Teng moved to the Singapore Exchange (SGX) as chief regulatory officer. He works closely with MAS to develop policies and frameworks for listing, trading and clearing.

His work includes approving the qualifications of listing applicants and performing ongoing regulatory compliance. He worked at SGX for almost eight years, during which time he was also involved in SGX's attempted takeover of the London Metal Exchange and its planned merger with the Australian Securities Exchange.

In 2015, Richard Teng left SGX to move to Abu Dhabi Global Market (ADGM) in the UAE as CEO of the Financial Services Regulatory Authority (FSRA).

He was involved in the establishment and operation of the FSRA, which oversees the compliance of financial institutions. One of his greatest contributions at ADGM was the introduction of the world’s first regulatory framework for virtual asset trading, drawing on common law and global best practices. He also promoted ADGM’s cooperation with other international financial centers and regulators to establish an open and innovative financial ecosystem.

In August 2021, Richard Teng suddenly announced that he had left ADGM and joined Binance, the world's largest cryptocurrency exchange, as CEO of Binance Singapore.

The move attracted widespread attention in the industry, as he is the first person to transition from a financial regulator to a cryptocurrency exchange executive.

In an interview with the media, he said that he is excited about the potential of cryptocurrency and blockchain, believing that it is a financial revolution that will bring more opportunities and freedom to billions of people around the world.

write at the end

In the eyes of Binance CEO Richard Teng, the future of Bitcoin is like a bright galaxy with infinite possibilities. He foresees that the value of Bitcoin will skyrocket, reaching a majestic height of $80,000.

Under his leadership, Binance is like an exploration ship sailing into unknown waters, constantly attracting the attention of new investors and institutions.

Teng sees Bitcoin’s volatility as the only way for the market to grow, just like a phoenix rising from the fire. He is full of expectations for the combination of blockchain and artificial intelligence and the future of asset tokenization, believing that this will lead a new wave of financial technology.

Teng's story inspires readers and reveals to us a future full of vitality and hope.

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