Binance CEO Teng Sees Bitcoin Topping $80,000 on ETF Inflows

Bitcoin is set to continue its record-breaking rally and rise above $80,000 as institutional investors pour more money into the crypto-backed exchange-traded funds, according to Binance Chief Executive Officer Richard Teng.

The launch of Bitcoin ETF in the US earlier this year has attracted institutional investors and new fund flows, Teng said at an event in Bangkok on Sunday, adding “we’re just getting started.”

Teng said he had earlier estimated the cryptocurrency would end the year at around $80,000, but now sees it exceeding that “with supply reducing and demand continuing to come through.” He reiterated the forecast was ...