Binance CEO Richard Teng says that he is long-term bullish on Bitcoin (BTC) and other digital assets despite ongoing market turbulence.
In a new interview with CNBC, Teng says that America’s embrace of digital assets under US President Donald Trump, including the launch of a strategic Bitcoin reserve, is a massive bullish catalyst for the whole industry.
“Look at the long-term drivers. If you ask anybody in the crypto industry, people prefer the current administration compared to the last one. With the last administration, you had operation ‘Choke Point 2.0’ in progress. And then you had regulation by enforcement, which makes it extremely tough for the industry to grow.
And President Trump came in very pro-crypto, came in and introduced a strategic reserve for the US and crypto, I think that’s a very landmark issue on that front. And he has appointed many smart administrators to the respective [regulatory] agencies, and he has the Senate and the House behind him with very pro-crypto legislators. So we are very bullish on that front. So long-term drivers are strong.”
He also says that crypto markets are correcting like other assets amid the recent macroeconomic uncertainties, such as what the impacts of Trump’s tariff policies will be.
“The crypto market, as with any asset class, is not immune to macroeconomic situations. What we believe we’re seeing is a technical retreat rather than a structural decline. If you remember 2022, Bitcoin, after several rounds of Fed rate hikes then, was below $20,000 but it bounced back up. So again, this is one of those situations.”
Lastly, he says that the launch of the US’s strategic Bitcoin reserve may prompt other governments to accumulate the flagship crypto asset.
“The messaging is, the largest government, the largest economy, the biggest capital market in the world is now holding Bitcoin as part of a reserve. It’ll cause many other governments to think through the issue, to sit up to say, Hey, should we start doing allocation into crypto and Bitcoin? Many sovereign wealth funds are already starting to consider the issue.
We were at Davos together, and [BlackRock CEO] Larry Fink spoke at that and said in his conversations with all the big sovereign wealth funds it’s not a question of whether to allocate, it’s whether allocating 2% or 5%. So we are having a lot of those important conversations now. The long-term drivers are very, very strong.”
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