Binance CEO Forecast: Bitcoin at $80,000 by End of 2024
Date: 2024-06-18 Author: Oliver Abernathy Categories: CRYPTO PAYMENTS
Binance CEO Richard Teng discussed the future of the exchange, the situation in Nigeria and his predictions for the cryptocurrency market in a recent interview with the Bankless podcast. He opined that Bitcoin could reach $80,000 by the end of 2024.
Richard Teng believes that Bitcoin has every chance of reaching $80,000 by the end of 2024. He explains this forecast by consistently high demand and reduced supply in the market. In an interview, he noted that the cryptocurrency market is at the beginning of a new bull cycle, and predicts that Bitcoin will update its all-time high even before the halving.
Teng also suggests that 2025 will be an even better year for the cryptocurrency market and Bitcoin. He forecasts a Bitcoin price of $120,000, citing favorable macroeconomic conditions and increased demand for spot ETFs from institutional investors.
Support from Other Experts
The Binance CEO also noted the forecast of Standard Chartered experts, who believe that Bitcoin could break through $150,000 by the end of 2024 if Donald Trump becomes US President.
Teng spoke about the current situation of Binance in Nigeria and noted that Tigran Gambaryan, an expert on financial crimes, has been in custody in this country for more than 90 days. Teng declined to disclose details of the negotiations to avoid misinterpretation.
Evolution of Binance
In the interview, Teng emphasized that Binance is still a young company that will celebrate its seventh anniversary in July 2024. He pointed to significant changes that have occurred since the company was founded. Teng noted that he has no intention of replacing previous head Changpeng Zhao, whom he called a global leader and visionary.
The management of Binance is now significantly different from before. Teng stated that he does not make all decisions alone, as Zhao did. He also emphasized that Binance.US, the company's American subsidiary, operates completely independently with a separate board of directors and shareholders.
Richard Teng expressed confidence in the further growth of Bitcoin and the cryptocurrency market as a whole. His forecasts point to significant opportunities for cryptocurrencies in the coming years. Teng also noted important changes in Binance's structure and management, which demonstrate the company's evolution and adaptation to changing market conditions.
