Bitcoin: Binance CEO predicts crypto surge beyond US$80,000

The value of Bitcoin could surpass the projected US$80,000 by year-end, due to increased investment in crypto-backed exchange-traded funds (ETFs) and an upcoming supply cut, according to Binance CEO Richard Teng. During his recent visit to Bangkok, Teng reiterated this optimistic outlook was his personal view, but he pointed to the January launch of spot Bitcoin ETFs in the US as a key factor.

“We’re just getting started.”

Teng emphasised that the journey won’t be a smooth upward trajectory but the market will face inevitable fluctuations which he believes are advantageous. This statement comes as Bitcoin’s price dipped to around US$68,000 yesterday from an all-time high of US$73,750 last week, a decline predominantly driven by profit-taking.

Teng also highlighted the early stage of global crypto adoption, which currently stands at just 5-6%. He anticipates a much faster adoption rate over the next five years compared to the previous five.

“When crypto adoption doubles to 12%, you’re going to see a lot more new users.”

Highlighting Thailand’s significance in crypto adoption, Teng stated that if you look at crypto adoption globally, Thailand is ranked number 10, very high globally in terms of crypto adoption.

“Thailand is a very important market for us. We put a lot of effort into this market and work with our partner Gulf to support the crypto journey of the country.”

Binance, the largest crypto exchange by trading volume globally, has partnered with Gulf Energy Development, a SET-listed company, to operate as both a digital asset exchange and broker. The joint venture, Gulf Binance, officially launched the Binance TH platform in Thailand in January, reported Bangkok Post.

“Gulf is a very strong partner that we have in Thailand, very well known in the Thai market. We bring the expertise in different areas and we are ready to support Thailand’s crypto journey for greater adoption with the strong partner that we have.”

Business News

Alex Morgan

Alex is a 42-year-old former corporate executive and business consultant with a degree in business administration. Boasting over 15 years of experience working in various industries, including technology, finance, and marketing, Alex has acquired in-depth knowledge about business strategies, management principles, and market trends. In recent years, Alex has transitioned into writing business articles and providing expert commentary on business-related issues. Fluent in English and proficient in data analysis, Alex strives to deliver well-researched and insightful content to readers, combining practical experience with a keen analytical eye to offer valuable perspectives on the ever-evolving business landscape.

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