Binance CEO Richard Teng speaks in Singapore on September 17, 2024, at an event organized by the local Foreign Correspondents Association.
Bloomberg | Bloomberg | Getty Images
Bitcoin will hit a new all-time high in 2025 thanks to positive regulatory developments in the US under recently inaugurated President Donald Trump, Binance’s CEO told CNBC on Tuesday.
Richard Teng, who took over from former Binance boss Changpeng Zhao last year, told CNBC’s Arjun Kharpal that he sees “much clearer regulation” happening in the US this year under the new Trump administration, adding that be supportive of crypto markets.
“If you look at past cycles, this year will be the year we see a new all-time high for the crypto industry,” Teng said in a fireside chat at the World Economic Forum in Davos, Switzerland.
Bitcoin broke the $100,000 price mark for the first time last year, as traders became optimistic about the outlook for the crypto industry under the Trump administration. As of Tuesday, the token was trading near $104,000, according to CoinGeck, a 3% drop in the past 24 hours amid a major decline in crypto markets.
“Narrative [around crypto] it’s changed quite drastically” since last year, Teng added, noting that he’s been hearing positive crypto sentiments expressed by political and corporate leaders since he arrived in Davos.
As for the new legislation, Teng said he expects progress in the United States on several fronts, including token issuance, trading and asset management.
Trump is not the only key US political figure who is “pro-crypto,” Teng said, adding, “The House and Senate now [are] pro-crypto, compared to the past.”
“So the bill will be passed, you have pro-crypto regulators appointed to key commissioner roles at the SEC and the CFTC,” the Binance CEO said.
Trump has chosen respected Washington lawyer Paul Atkins to lead the Securities and Exchange Commission, which has previously been aggressive in its approach to crypto industry enforcement
Teng also expects Trump to provide “certainty” and “recognition” to the crypto sector, as well as establish a U.S. strategic bitcoin reserve — something the current president suggested he would do during his campaign.
