Binance CEO sees Bitcoin soaring to $80,000 this year
The value of Bitcoin could reach up to $80,000 this year amid increased interest from institutional investors, Richard Teng, the CEO of cryptocurrency trading platform Binance, said on Sunday.
Teng attributed the price surge to declining supply, due to halving, and continued demand for the world’s most popular cryptocurrency. Halving cuts the daily supply of newly minted coins by 50 per cent, which have caused prices to soar. Bitcoin had touched an all-time high of $73,794 on March 14.
Speaking to the press at an event on Tuesday, Teng said he remained confident about the crypto space in Asia. Binance TH, a digital assets exchange platform, was launched earlier this year in a joint venture with Gulf Energy, a large Thai infrastructure conglomerate.
At the event Binance TH also announced it was involving Advanced Information Systems (AIS) to further enlarge their footprint in Thailand.
Binance is currently looking for a new global headquarters and is considering factors like a regulatory framework robust enough for their products, ease of relocating their employees and general business ecosystem, Teng said.
Speaking on the crypto industry in Thailand, Teng said it was well placed to become a top player in the region. Thailand has one of the highest digital asset adoption rates in Asia and the world, Teng said.
