Binance CEO Richard Teng Sees Bitcoin Crossing $80K by Year End

• Teng expects family offices and endowment funds to increase their investment in bitcoin ETFs.
• Standard Chartered also raised their year-end bitcoin price target to $150,000.

Binance’s new boss, Richard Teng, expects bitcoin BTC$85,246 to blow past the $80,000 mark by the end of this year, according to Bloomberg.

Teng said, "with supply reducing and demand continuing to come through,” he expects the world’s largest cryptocurrency to cross his previous estimate of $80,000.

The crypto market has been steadily reaching new highs this year on the back of the spot bitcoin ETF approval in the U.S., with bitcoin crossing $73,000 for the first time last week.

The market rally, which is being driven by institutional adoption, has turned many financial firms bullish on crypto. On Monday, Standard Chartered (STAN) raised its year-end target for bitcoin to $150,000.

Richard Teng replaced Binance founder Changpeng Zhao (CZ) as the new CEO of the crypto exchange in November 2023 after the latter resigned as part of a $4.3 billion settlement with U.S. authorities.

Family offices and endowment funds will also increase their investment in bitcoin ETFs in the near term, the report said, citing Teng. Teng was speaking at an event in Bangkok on Sunday and also said the rally won’t be a “straight line,” and the ups and downs will be good for the market, the report said.

Read More: Binance Spun Off Venture Capital Arm Earlier This Year