Binance CEO Says Bitcoin price likely to rise in longer term

Moscow, Dec 10: Changpeng Zhao, the chief executive of the world’s largest cryptocurrency exchange Binance, predicted that Bitcoin’s price will continue to rise in the coming years.

“If we look at a 5-10-year horizon I think the industry will continue to grow, and if the industry continues to grow then the Bitcoin price will likely go up,” he told Sputnik in an interview.
“I don’t know how much or by when… but, generally, the industry is growing and Bitcoin is a limited supply asset,” he added.
Zhao said he was “very bullish” over the long term, seeing the number of novice investors putting their money into digital tokens rise dramatically since last January.
“The number of people coming into the industry is growing very quickly. In a longer term, that usually translates to price increases,” he said.
Bitcoin’s price sunk to a new recent low of $42,000 over the weekend on concerns about the impact of emerging coronavirus variants on the economy. It regained some of its value by Thursday to trade at around $49,000. This is above this June’s low of $28,000 but a long way off $68,990 it cost last month.