Binance CEO: Bitcoin will reach a new historical level in 2025
Bitcoin will reach a new all-time high in 2025 as a result of positive regulatory moves in the US under newly inaugurated President Donald Trump, the CEO of Binance told CNBC on Tuesday.
Richard Teng, who took over from former Binance CEO Changpeng Zhao last year, told CNBC's Arjun Kharpal that he sees "much clearer regulation" happening in the US this year under the new Trump administration, adding that this will be supportive for crypto markets.
"If you look at past cycles, this year will be a year that we will see a new historical high for the crypto industry," Teng said in a talk at the World Economic Forum in Davos, Switzerland.
Bitcoin surpassed the $100,000 mark for the first time last year as traders grew optimistic about the crypto industry’s prospects under a Trump administration. As of Tuesday, the token was trading near $104,000, according to CoinGecko, down 3% in the past 24 hours amid a broader decline in crypto markets.
“The narrative [about crypto] has changed quite drastically” since last year, Teng added, noting that he has heard positive sentiments about crypto expressed by political and corporate leaders since arriving in Davos.
In terms of new legislation, Teng said he expects to see progress in the United States on several fronts, including token issuance, trading, and asset management.
Trump is not the only major US political figure who is “pro-crypto,” Teng said, adding: “The House of Representatives and the Senate are now [more] pro-crypto, compared to the past.”
"So, legislation will be passed, you have pro-crypto regulators being appointed to key commissioner roles at the SEC and CFTC," the Binance CEO said.
Trump chose respected Washington lawyer 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 give the crypto sector "certainty" and "recognition," as well as create a US strategic reserve for bitcoin — something the president now suggested he would do during his campaign.
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