Richard Teng, CEO of the leading cryptocurrency exchange Binance, shared his belief during a conversation with Bankless that the price of the leading cryptocurrency will surpass $80,000 by the end of the year.
The executive believes that the coming year will be more favorable for digital assets than the current one, due to an improved macroeconomic environment.
Teng also noted that the approval of a Bitcoin ETF and the upcoming launches of similar Ethereum-based funds will attract additional liquidity to the cryptocurrency market, fostering a bullish phase.
He anticipates a relaxation of monetary policy by the Fed at the end of this year, which will create a favorable macroeconomic environment and a more reasonable interest rate policy. This, he believes, will lead to further cryptocurrency price increases in 2025.
“So, my base forecast for the end of 2024 was $80,000… But what I did not foresee was the strong and sustained inflow of funds from institutions following the launch of the Bitcoin ETF. I did not expect the new structures to be approved so quickly, at the beginning of the year. I predict the approval of [Ethereum-based] funds, possibly closer to the end of 2024 or in 2025,” the executive shared his thoughts.
Teng did not specify a new forecasted value for Bitcoin. However, he stated that it is significantly higher than his initial estimate.
The Binance chief also expressed confidence in the continued growth of institutional demand, “which is very beneficial for the crypto community.”
Earlier, analysts at Bernstein predicted Bitcoin reaching $200,000 by the end of 2025. The forecast is driven by expectations of “unprecedented demand from spot exchange-traded funds based on the first cryptocurrency” managed by BlackRock, Fidelity, Franklin Templeton, and others.