Binance CEO Richard Teng speaks at an event hosted by the local Foreign Correspondents Association in Singapore on September 17, 2024.
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Bitcoin The CEO of Binance told CNBC on Tuesday that Bitcoin prices will reach a record high in 2025 due to the proactive regulatory measures taken by the new U.S. President Trump.
Richard Teng, who took over the reins from former Binance boss Changpeng Zhao last year, told CNBC’s Arjun Kharpal that he believes the U.S. will The emergence of “clearer regulation” added that this would benefit the cryptocurrency market.
“If you look back at past cycles, this year will be the year we see all-time highs in the cryptocurrency industry,” Teng said during a fireside chat at the World Economic Forum in Davos, Switzerland.
Last year, Bitcoin surpassed the $100,000 price milestone for the first time as traders became optimistic about the future of the crypto industry under the Trump administration. The coin was trading near $104,000 as of Tuesday, down 3% in the past 24 hours amid a general slump in the cryptocurrency market, according to CoinGecko.
Teng added that “the narrative[around cryptocurrencies]has changed dramatically” since last year, noting that he has been hearing positive cryptocurrency sentiment expressed by political and corporate leaders since arriving in Davos.
In terms of new legislation, Teng said he expects the U.S. to make progress on multiple fronts including token issuance, trading and asset management.
Teng said Trump is not the only key U.S. politician who is “supportive of cryptocurrencies,” adding: “Compared to the past, both the House of Representatives and the Senate are now supportive of cryptocurrencies.”
“As a result, legislation will be passed and pro-crypto regulators will be appointed as key commissioners to the SEC and CFTC,” the Binance CEO said.
Trump has chosen respected Washington lawyer Paul Atkins to lead the Securities and Exchange Commission, which has previously taken an aggressive enforcement stance against the crypto industry
Teng also expects Trump to give the crypto industry “certainty” and “endorsement” and establish a U.S. strategic Bitcoin reserve — something the current president advised him to do during his campaign.
