Will Bitcoin Hit $1 Million? Binance CEO Addresses Key Questions Before CZ’s Release

Binance CEO Richard Teng discussed Bitcoin’s price movements and the impact of its halving cycles. In an interview with Altcoin Daily, he explained that Bitcoin’s supply reduces every four years due to halving, which often leads to price increases six to 12 months afterward. While Teng refrained from speculating on whether Bitcoin could surpass $100,000 in 2025, he expressed optimism about its potential upward trend.

When asked about the possibility of Bitcoin reaching $1 million, Teng shared his personal hope that this prediction might come true, given his own investment in cryptocurrency. 

What’s Next For Binance?

Binance co-founder Changpeng Zhao, also known as CZ, is currently in US custody and is set to be released on September 29, 2024. He is serving a four-month sentence at the Long Beach Residential Reentry Management (RRM) facility in California.

On Binance’s future, Teng opened up about continued innovation and a strong focus on compliance as global regulations evolve. He said that Binance is dedicated to educating both users and policymakers, dispelling the misconception that cryptocurrency is primarily used for financial crimes. 

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Institutional Interest Is Just Starting To Begin…

He explained that cryptocurrency transactions are traceable, unlike fiat currencies, and that Binance is working closely with global governments to create a regulatory framework that supports the growth and innovation of the crypto industry. Teng sees cryptocurrency and AI as key components of the future financial infrastructure and pledged to keep working to ensure both innovation and risk mitigation for Binance’s users.

Teng said that institutional investors are just beginning to enter the crypto space. Unlike retail investors or crypto exchanges that operate 24/7, institutional investors, particularly those using ETFs, trade within set hours and tend to hold assets long-term. 

Their entry brings significant liquidity to the market, signaling a shift in the crypto landscape. He pointed out that cryptocurrency, unlike traditional asset classes, has been primarily adopted by retail investors, but now institutions are recognizing its potential as a future asset class.