Richard Teng, the CEO of Binance, anticipates a surge in Bitcoin prices beyond the initial projection of $80,000 by the end of the year. This is attributed to the increasing inflows into crypto-backed ETFs and the upcoming halving of supply. Teng expressed his optimism during a visit to Bangkok, highlighting the impact of spot Bitcoin ETFs in the US, which have attracted institutional investors and boosted fund flows into the cryptocurrency market. Despite Bitcoin’s recent price dip from its record high, Teng remains positive about its future trajectory, emphasizing that market fluctuations are part of the journey.
Teng emphasized that global crypto adoption is still in its early stages, currently standing at 5-6%. He expects a rapid acceleration in adoption over the next five years compared to the previous period. Noting Thailand’s high ranking in crypto adoption globally, Teng highlighted Binance’s partnership with Gulf Energy Development to enhance the country’s crypto landscape through joint initiatives like Binance TH platform.
Under the collaboration of Gulf Binance, the joint venture aims to provide digital asset exchange and brokerage services in Thailand. Teng praised Gulf Energy Development as a robust partner in Thailand, recognizing their combined efforts to support crypto adoption in the country. The Binance CEO reiterated their commitment to working closely with Gulf to further strengthen Thailand’s crypto ecosystem and drive greater adoption in the region.
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