Binance CEO Richard Teng speaks in Singapore on September 17, 2024, at an event hosted by the local Foreign Correspondents Association.
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Bitcoin It will reach a new all-time high in 2025 on the back of positive regulatory movements in the US under new President Donald Trump, the Binance CEO told CNBC on Tuesday.
Richard Teng, who took over the reins from former Binance chief Changpeng Zhao last year, told CNBC's Arjun Kharpal that he sees “clearer regulation” happening in the US this year under the new Trump administration, adding that this will be supportive for cryptocurrency markets.
“If you look at past cycles, this will be the year we see a new all-time high for the cryptocurrency industry,” Teng said in a fireside chat at the World Economic Forum in Davos, Switzerland.
Bitcoin surpassed the $100,000 price mark for the first time last year, as traders became optimistic about the prospects for the cryptocurrency industry under the Trump administration. As of Tuesday, the token was trading near $104,000, according to CoinGecko, down 3% over the past 24 hours amid a broad pullback in cryptocurrency markets.
Teng added that “the narrative (around cryptocurrencies) has changed radically” since last year, noting that he had been hearing positive sentiments about cryptocurrencies expressed by political and corporate leaders since his arrival in Davos.
Regarding new legislation, Teng said he expects to see progress in the US on several fronts, including token issuance, trading and asset management.
Trump is not the only major political figure in the US who is “pro-crypto,” Teng said, adding: “The House and Senate are now more pro-crypto, compared to the past.”
“So, the legislation will be passed, and pro-crypto regulators will be appointed to the roles of chief commissioners at the SEC and CFTC,” the Binance CEO said.
Trump chose respected Washington attorney Paul Atkins to lead the Securities and Exchange Commission, which has previously been aggressive in its enforcement approach to the cryptocurrency industry.
Teng also expects Trump to give the cryptocurrency sector “certainty” and “recognition,” as well as create a strategic reserve of bitcoin in the United States — something the incumbent president suggested he would do during his election campaign.
