The digital currency sphere is abuzz with speculation following recent remarks made by Richard Teng, the CEO of Binance. In an interview on the Bankless YouTube channel, Teng shared an optimistic outlook for Bitcoin, the largest cryptocurrency in the world by market value. He believes that by 2024, Bitcoin could potentially exceed the $80,000 milestone.
Teng’s forecast is rooted in the significant impact of the recently approved Spot Bitcoin and Ethereum Spot ETFs. These funds are considered to be major catalysts for the appreciation of cryptocurrencies. Additionally, he suggests that favorable macroeconomic conditions and a more crypto-friendly environment in 2025 could help sustain this upward trajectory.
This isn’t the first time the CEO of Binance has made bold predictions. In 2023, he had forecasted that Bitcoin would reach new heights of $80,000, based on historical patterns and post-halving trends. However, with Bitcoin unexpectedly surging past $73,000 ahead of the anticipated halving date in April 2020, Teng had to reassess his projections.
Reflecting on the potential for the Federal Reserve to lower rates before the end of 2024, Teng believes this could further enhance the investment landscape for cryptocurrencies. With the successful introduction of Spot Bitcoin ETFs and a significant influx of capital into the market, Teng has adjusted his forecasts for a more substantial increase by the year’s end.
While Teng refrains from providing a specific figure for Bitcoin’s future price, he echoes a bullish prediction from Standard Chartered earlier this year, suggesting that Bitcoin could potentially reach as high as $250,000 by 2025. This projection hinges on continuous capital inflows and improvements in the macroeconomic landscape.
As of the time of writing, the price of Bitcoin stands at $65,163.40, with a 2% decline in the past 24 hours.
Disclaimer: The opinions expressed by the author, or individuals mentioned in this article, are for informational purposes only and do not constitute financial or investment advice. Investing in cryptocurrencies carries a risk of financial loss.
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