The cryptocurrency environment is buzzing with speculation following recent statements from Richard Teng, CEO of Binance. During an interview on the Bankless YouTube channel, Teng shared an optimistic outlook for Bitcoin, the world’s largest cryptocurrency by market value. According to him, 2024 could be the year in which Bitcoin surpasses the US$80,000 mark.

Teng’s prediction is based on the significant impact of the Spot Bitcoin and Ethereum Spot ETFs, both of which were recently approved. The influence of these funds is seen as one of the main drivers for the appreciation of cryptocurrency. Furthermore, he suggests that favorable macroeconomic factors and a more welcoming environment for cryptos in 2025 could sustain this upward trend.

The Binance CEO is not new to bold predictions. By 2023, he had projected that Bitcoin would reach new highs of $80,000, based on historical performances and the pattern observed after halving events. Surprised by the $73,000 spike before the expected April 20 halving date, Teng recalculated his expectations.

“Basing my previous BTC predictions on its historical performance after each halving event, I express surprise that the pioneering cryptocurrency reached new highs above $73,000 before the halving event,” Teng stated.

He also discussed the potential for the Federal Reserve to lower rates before the end of 2024, which could create an even more conducive environment for investing in cryptocurrencies. With the success of the launch of the Spot Bitcoin ETFs and the large inflow of capital into the market, Teng adjusted his forecasts for an even more significant increase by the end of the year.

While refraining from providing an exact figure for Bitcoin’s future, Teng echoed a bullish prediction from Standard Chartered earlier this year, which projected Bitcoin reaching as much as $250,000 by 2025. This scenario is based on continued capital inflows and improvements in the macroeconomic scenario.

At the time of publication, the price of BTC was quoted at US$65,163.40 with a drop of 2% in the last 24 hours.


The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.


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