Binance CEO: Richard Teng: Bitcoin has outperformed both USD and gold

In his Ramadan commemorative speech to Binance users, Richard Teng, the CEO of Binance, gave an optimistic view on the current state of the cryptocurrency industry. Pointing to the market's bullish behavior, Teng noted the recent wave of institutional investors and crypto newcomers, largely driven by the regulatory approval process.

“We are looking at a rapidly warming market with Bitcoin and other digital assets outperforming USD and gold,” Teng said. He attributes this dramatic change largely to regulatory clarity that has brought in new flows of institutional capital.

Teng also highlighted Binance's recent initiatives to support users, such as the introduction of Web3 wallets, which have contributed to accelerating the growing performance of the cryptocurrency industry.