Boosting State Revenue, Uzbekistan Raises Crypto Trading Fees

Previously, Binance CEO Richard Teng shared his views on bitcoin and price estimates at an event in Bangkok on Sunday, March 17 2024. Teng predicted that the price of Bitcoin could exceed USD 80,000 or the equivalent of IDR 1.3 billion (assuming an exchange rate of IDR 15.69 per US dollar) dollars this year.

Reporting from Bitcoin.com, Friday (22/3/2024), Teng took over as chief executive of Binance after Changpeng Zhao (CZ) resigned in November last year following the settlement of the crypto exchange worth USD 4.3 billion or the equivalent of Rp. 67.3 trillion with US authorities.

Teng explained the US spot bitcoin ETF has seen significant inflows since its approval in January, and added he expects more private and family funds to increase allocations to these funds in the near future.

Referring to previous estimates that bitcoin would reach USD 80,000 by the end of this year, Teng explained he now sees the crypto price exceeding his expectations with supply decreasing and demand continuing to increase.

While clarifying the BTC price forecast was his personal view, he explained the crypto rally would not be a “straight line”, stating its ups and downs would be good for the market.

Teng also commented on bitcoin's recent achievement of hitting a new all-time high and significant inflows into spot bitcoin ETFs, stating this bull run has only just begun.

Many people are expecting a big surge in bitcoin prices, driven by demand for spot bitcoin ETFs and the halving.