Teng said he had earlier estimated the cryptocurrency would end the year at around US$80,000, but now sees it exceeding that “with supply reducing and demand continuing to come through.”
Bitcoin is set to continue its record-breaking rally and rise above US$80,000 as institutional investors pour more money into the crypto-backed exchange-traded funds, according to Binance CEO Richard Teng.
The launch of Bitcoin ETF in the US earlier this year has attracted institutional investors and new fund flows, Teng said at an event in Bangkok on Sunday, adding “we’re just getting started.”
