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Binance’s new leader, Richard Teng, predicts the cryptocurrency will soar beyond $80,000 by year’s end, surpassing initial forecasts. This optimistic outlook, reported by Bloomberg, stems from a combination of dwindling supply and persistent demand. The revelation comes as the crypto market witnesses unprecedented growth, with Bitcoin recently crossing the $73,000 mark following the approval of a spot Bitcoin ETF in the U.S.
Financial institutions are increasingly optimistic, with Standard Chartered notably increasing its Bitcoin price target to an impressive $150,000 by the end of the year. This bullish trend is largely fueled by institutional adoption, suggesting a robust future for short-term holders and those considering Bitcoin investments.
Moreover, Teng anticipates a surge in investments from family offices and endowment funds into Bitcoin ETFs, highlighting the broadening appeal of cryptocurrency. While he acknowledges potential market fluctuations, Teng views these as beneficial for overall market health, indicating a positive trajectory for Bitcoin’s value and its acceptance among investors.
