Bitcoin is set to continue its record rise to reach more than $80,000, as institutional investors pump more money into exchange-traded funds backed by cryptocurrencies, despite its decline due to geopolitical security developments in the region, as it lost its market value by more than $430 billion before trimming some of its losses later yesterday. In addition, the President of the Society of Economists, Omar Al-Obaidli, confirmed that the expectation that the price of Bitcoin would exceed $80,000, which was predicted by the CEO of “Binance”, Richard Teng, is correct, attributing this to the continuing state of continuous change in the international financial system, in addition to the formation of new economic blocs. The dominance of the US dollar has declined.
He added, “For these reasons, investors are looking for stable assets that reduce their exposure to fluctuations in the financial markets. However, caution must be exercised when considering investing in cryptocurrencies because their prices are unstable, and they are the most vulnerable to fraud.”
In this context, Richard Teng said that the launch of a Bitcoin ETF in the United States earlier this year attracted institutional investors and new money flows.
He added that he had previously estimated that the cryptocurrency would end the year at about $80,000, but now he sees that it exceeds that with a decrease in supply and continued demand. He reiterated that the expectations were his personal view, adding that the rise will not be a “straight line, and that the rise and fall “It will be beneficial for the market.”
The world’s largest cryptocurrency has risen by 56% since the beginning of the year, reaching its highest level ever at approximately $73,798 last week, and the rise has raised fears of a bubble among some investors, sparking a bout of volatility and selling in recent sessions.
There have been continued inflows into spot Bitcoin ETFs in the US since their approval in January, and Teng stated that more endowments and family offices are expected to ramp up their allocations to Bitcoin ETFs in the near term.
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