Richard Teng said that the surge won’t be a “straight line” and that there will be ups and downs.“Bitcoin is set to continue its record-breaking rally and rise above $80,000 as institutional investors pour more money into the crypto-backed exchange-traded funds.”is driven by decreasing supply and increasing demand. Teng’s new projection, exceeding $80,000, reflects growing confidence in its upward trajectory.
The surge in institutional interest has prompted many financial institutions to revise their outlook on cryptocurrencies. Standard Chartered, for instance, has raised its year-end target for Bitcoin to an ambitious $150,000, signaling growing confidence in its potential for further appreciation.“More endowments and family offices are expected to step up allocations into Bitcoin ETFs in the near term.”Moreover, Teng emphasized that the market’s trajectory will not be a linear progression but rather characterized by fluctuations.
Teng’s leadership at Binance, succeeding Changpeng Zhao in November 2023, lends credibility to his forecasts. Amidst Binance’s $4.3 billion settlement with U.S. authorities, Teng’s insights as CEO provide valuable perspectives on industry trends. Thus, as the market continues to mature, Bitcoin’s increasing acceptance as a legitimate asset class signals a promising outlook for its future adoption and growth.Ishika is a graduate of Political Science from the University of Delhi. From writing content as a hobby to now pursuing it as a professional career, she has been living and breathing content all her life. Her interests lie in making sure articles are very digestible to a common reader, despite all its technicalities and jargons.