Binance CEO predicts BTC will rise above $80,000

Binance cryptocurrency exchange CEO Richard Teng expects Bitcoin to continue to grow. This is reported by Bloomberg with reference to the statement of the head of the company at a conference in Bangkok.

Great energy and huge turnout at super meetup in Thailand!!

Always happy to meet up with community and users. Keep building!! #Binance pic.twitter.com/WjWLJNhr5W

— Richard Teng (@_RichardTeng) March 17, 2024

According to Teng, Bitcoin could break $80,000 in the short term. The first cryptocurrency will continue its “rally” as institutional investors invest in spot Bitcoin ETFs, he said.

Note that on March 12, the daily capital inflow into spot Bitcoin ETFs exceeded $1 billion. This is a new historical maximum. At the same time, BlackRock's iShares Bitcoin Trust (IBIT) accumulated 196,089 BTC.

Teng added that the asset could overcome this level before the end of the year against the backdrop of halving. At the same time, the growth will not be constant – the crypto market is expected to have “ups and downs that will benefit the industry.”

On March 13, Bitcoin once again updated its ATN and reached $73,650. On March 17, the asset fell below $65,000.

At the time of writing, Bitcoin is trading near $68,242, according to TradingView. Since the beginning of 2024, the cryptocurrency has grown by more than 50%.

In November 2023, Changpeng Zhao left his post as CEO of Binance. Richard Teng took his place.

The new head of the crypto exchange announced his readiness to cooperate with world politicians. However, he refused to disclose the location of the company's headquarters and its auditor.

In December 2023, Richard Teng and firm co-founder Yi He held their first joint AMA session on X (formerly Twitter). During the conversation, the CEO of Binance said that the exchange does not yet have plans to enter the stock market.