“Just the Beginning”
Recently, Richard Teng, the CEO of Binance, stated that as institutional investors pour more funds into cryptocurrency-supported exchange-traded funds (ETFs), Bitcoin will continue to soar and rise above $80,000.
Teng made these remarks at an event in Bangkok on Sunday, stating that the Bitcoin ETF launched earlier this year in the United States has attracted institutional investors and new capital flows. He added, “We are just getting started.”
Furthermore, Richard Teng stated that he had previously estimated that the price of Bitcoin would reach around $80,000 by the end of this year. However, he now believes that with the decreasing supply and increasing demand, the price of Bitcoin will surpass $80,000. He reiterated that this prediction is his personal view and added, “The rebound will not be a straight line, and volatility is beneficial to the market.”
As a long-term holder of Bitcoin, Richard Teng previously expressed his belief in the potential of this technology and the rapid growth of the industry. He stated that Binance, in just six years since its establishment, has grown like other giants have in decades. He mentioned factors such as improved reputation, user trust, the entry of new institutions, and the development of new products that will continue to drive the industry’s growth.
Additionally, he expressed support for Bitcoin ETFs, believing that more products will attract more users and make the industry more popular. When asked about promising areas, he mentioned the combination of blockchain and artificial intelligence in the coming years, as well as the gradual process of asset tokenization.
Richard Teng, who has over thirty years of experience in financial services and regulation, held important positions at institutions such as the Monetary Authority of Singapore, Singapore Exchange, and Abu Dhabi Global Market. He is one of the pioneers in regulating virtual assets globally.
In August 2021, Richard Teng joined Binance, the world’s largest cryptocurrency exchange, as the CEO of Binance Singapore, becoming the first person to transition from a financial regulator to an executive at a cryptocurrency exchange.
Under his leadership, Binance continues to attract new investors and institutions like an adventurous ship sailing into uncharted waters. Teng views the volatility of Bitcoin as a necessary path for market growth, akin to a phoenix rising from the ashes. He is excited about the potential of blockchain and artificial intelligence, as well as the future of asset tokenization, believing that they will lead the new wave of financial technology.
In conclusion, Richard Teng, the CEO of Binance, envisions a bright future for Bitcoin, with unlimited possibilities. He foresees the value of Bitcoin soaring to a magnificent height of $80,000. Under his guidance, Binance continues to captivate the attention of new investors and institutions. Teng sees the combination of blockchain and artificial intelligence, as well as the future of asset tokenization, as the driving forces behind the new era of fintech.
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Richard Teng
Cryptocurrency Exchange
Binance
Bitcoin
Regulation