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New CEO of Binance: ETF inflows continue to rise, surpassing $80,000 by year-end, the upward trend won't be a "straight line."
Binance CEO Richard Teng stated at an event in Bangkok last Sunday that as institutional investors pour more funds into cryptocurrency-backed ETFs, Bitcoin will continue its record-breaking rally and rise above $80,000.
Teng noted that Bitcoin ETFs launched earlier this year in the United States have attracted institutional investors and new capital inflows, adding, "We are just getting started."
Previously, Teng estimated that Bitcoin's price would be around $80,000 by the end of this year, but now he believes that "with decreasing supply and increasing demand," Bitcoin's price will surpass $80,000. He reiterated that this forecast is his personal opinion and added that the rally won't be a "straight line," with fluctuations being beneficial for the market.
It's reported that the world's largest cryptocurrency has risen by 56% year-to-date, reaching a historical high of nearly $73,798 last week. However, this surge has sparked concerns among some investors about a bubble, leading to volatility and sell-offs in recent trading days.
As of writing, the price of Bitcoin is hovering around $68,000.
Following the settlement between the US SEC and Binance, Binance founder Changpeng Zhao announced his resignation as CEO of Binance, and Richard Teng, former Global Head of Markets at Binance, was appointed as the new CEO. Before joining Binance, Richard served as the CEO of the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM), Chief Regulatory Officer of the Singapore Exchange (SGX), and Chief Financial Officer of the Monetary Authority of Singapore.
Since receiving approval in January, US spot Bitcoin ETFs have seen a steady inflow of funds. Teng expects more donor-advised funds and family offices to increase their allocation to Bitcoin ETFs in the short term. |
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Post time 25-3-2024 12:56:03