The CEO of the world’s largest cryptocurrency exchange Binance, Richard Teng, has raised his end-of-year price prediction for Bitcoin.
According to a report by Bloomberg, Binance’s CEO Richard Teng has suggested that Bitcoin could rise above $80,000 by the end of the year.
Speaking at an event in Bangkok on Sunday, Teng implied that the flow of money into spot Bitcoin exchange-traded funds (ETFs) is just getting started, hinting that the momentum will begin to grow exponentially.
Teng had previously stated that Bitcoin could reach $80,000 by the end of this year. However, he mentioned that the demand surpassing his predictions for spot Bitcoin ETFs led him to set a target above $80,000. He reiterated that this prediction is his personal view and added that the market would benefit from ups and downs rather than a “straight line” rally.
Standard Chartered, a banking giant that recently published a similar report, emphasized that the flow of money into spot Bitcoin ETFs could push Bitcoin to $250,000 next year.
