By 2025, Bitcoin will reach a new all-time high, says Binance CEO
Binance CEO Richard Teng speaks at an event organized by the Foreign Correspondents Association in Singapore on September 17, 2024.
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Bitcoin It will hit a new all-time high in 2025 on the back of positive regulatory moves in the US by newly inaugurated President Donald Trump, Binance’s CEO told CNBC on Tuesday.
Richard Teng, who took over from former Binance boss Changpeng Zhao last year, told CNBC’s Arjun Karpal that this year will see “very clear regulation” in the US under the new Trump administration, which will support crypto markets.
“If you look at past cycles, this year will be the year we see a new all-time high for the crypto industry,” he said during a fireside discussion at the World Economic Forum in Davos, Switzerland.
Bitcoin surpassed $100,000 for the first time last year as traders expressed optimism about the crypto industry under the Trump administration. As of Tuesday, the token was trading near $104,000, according to CoinGecko, a 3% drop in the broader fall in crypto markets over the past 24 hours.
“The narrative[in the crypto environment]has changed dramatically” since last year, Teng added, noting that he has been hearing positive sentiments expressed by political and corporate leaders since arriving in Davos.
Given the new law, Teng said he expects progress in a number of areas in the United States, including token issuance, trading and asset management.
Trump is not the only key US political figure who is “pro-crypto,” Teng said, adding that “the House of Representatives and the Senate are now (compared to before) pro-crypto.”
“So legislation comes out, you have pro-crypto regulators who are appointed to key commissioner roles in the SEC and CFTC,” said Binance’s CEO.
Trump has tapped respected Washington attorney Paul Atkins to lead the Securities and Exchange Commission, which has previously been aggressive in its enforcement approach to the crypto industry.
Teng also expects Trump to provide “certainty” and “recognition” to the crypto sector, as well as the US strategic bitcoin reserve – something the president has now proposed during the campaign.
