In the realm of cryptocurrency, excitement is stirring as a result of recent remarks made by Richard Teng, the CEO of Binance. In a recent interview on the Bankless YouTube channel, Teng shared an optimistic perspective on Bitcoin, the leading cryptocurrency in terms of market value. He believes that by 2024, Bitcoin could potentially surpass the milestone of US$80,000.
Teng’s forecast is rooted in the significant impact of the Spot Bitcoin and Ethereum Spot ETFs, both of which have recently received approval. These funds are considered key drivers in the rise of cryptocurrency values. Additionally, Teng suggests that favorable macroeconomic conditions and a more crypto-friendly climate in 2025 may help sustain this positive trend.
The CEO of Binance is no stranger to making bold predictions. In 2023, he had predicted that Bitcoin would reach new heights of $80,000, drawing from historical trends and post-halving patterns. Surprised by the unexpected surge to $73,000 before the anticipated April 2020 halving, Teng adjusted his projections.
Reflecting on the Federal Reserve’s potential to lower rates before 2024 ends, Teng envisions an even more favorable climate for cryptocurrency investments. With the successful launch of the Spot Bitcoin ETFs and a significant influx of capital into the market, Teng has revised his forecasts for an even greater surge by year’s end.
While Teng refrains from providing an exact figure for Bitcoin’s future value, he echoes a bullish prediction from Standard Chartered earlier in the year, which suggested Bitcoin could potentially reach up to $250,000 by 2025. This projection hinges on sustained capital inflows and improvements in the macroeconomic landscape.
At the time of writing, the price of Bitcoin was quoted at US$65,163.40, experiencing a 2% drop in the last 24 hours.
Disclaimer: The opinions expressed by the author and individuals mentioned in this article are for informational purposes only and do not constitute financial or investment advice. Investing or trading in cryptocurrencies carries the risk of financial loss.
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