The price of Bitcoin (BTC) could exceed $80,000 by the end of the year, according to Richard Teng of Binance

According to Bloomberg, Binance's new boss Richard Teng expects Bitcoin (BTC) to surpass $80,000 by the end of this year.

Teng said: “As supply declines and demand continues to rise,” he expects the world’s largest cryptocurrency to exceed its previous estimate of $80,000.

The crypto market has been steadily hitting new highs this year thanks to spot Bitcoin ETF approval in the US, with Bitcoin breaking $73,000 for the first time last week.

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

Family offices and endowment funds will also increase their investments in Bitcoin ETFs in the near future, the report said, citing Teng. Speaking at an event in Bangkok on Sunday, Teng also said the rally will not be a “straight line” and the ups and downs will be good for the market, the report said.

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