Teng reminded that Bitcoin gained 375% in value, especially between February 2020 and February 2022, when interest rates were close to zero, and stated that interest rate cuts could have a similar effect. He also stated that low interest rates could increase inflation concerns, and this could lead some investors to cryptocurrencies to maintain their purchasing power.

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In addition to interest rate cuts, Teng stated that Bitcoin’s upcoming halving event and the launch of Bitcoin spot ETFs could also positively affect crypto markets, emphasizing that spot ETFs in particular could facilitate the transition from stocks to crypto and contribute to the increased liquidity directed to crypto markets.

Finally, Teng stated that September was historically a weak period for crypto markets, but prices began to recover from October, and that interest rate cuts could provide additional momentum to this recovery.

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Previously, Teng had projected the cryptocurrency to reach $80,000 by the end of the year, but now foresees it surpassing that threshold “with supply reducing and demand continuing to come through.” Speaking at an event in Bangkok, Teng emphasized the significant role played by the recent launch of U.S.-based Bitcoin (BTC) ETFs in attracting institutional investors.

Bitcoin, the leading cryptocurrency, has witnessed a 56% surge in value this year, reaching an all-time high of nearly $73,798 last week. However, according to a Bloomberg report, concerns about a potential market bubble have emerged among investors, resulting in recent volatility and sell-offs.

Teng assumed the CEO position following the resignation of Binance’s Co-Founder Changpeng Zhao in November, which occurred after the company settled with U.S. authorities for a staggering $4.3 billion.

Recently, the CEO has consistently expressed optimism about BTC, particularly when discussing the significance of the number three, which he adopted as a symbol. Teng highlighted that the number represented his “commitment” to three key stakeholder groups: users, regulators, and partners.

In the Bloomberg report, the CEO reiterated that his forecast reflected his personal view, further noting that the Bitcoin rally wouldn’t be a “straight line.” Teng believes that the market’s “ups and downs” will ultimately benefit its overall health.

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