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Binance CEO Richard Teng Hails Bitcoin as Digital Gold Amid US Strategic Reserve News

Richard Teng, Binance's new CEO, praises Bitcoin as 'digital gold' following the US announcement of a Strategic Bitcoin Reserve. Bitcoin's price surged 4% on the news, with predictions of reaching $120k by March.
Published on 2025-03-07

Bitcoin's Newfound Momentum

Richard Teng, the newly appointed CEO of Binance, has recently highlighted Bitcoin's unique qualities, referring to it as "digital gold, a treasure to behold." His comments came amid significant developments, including the announcement of a U.S. Strategic Bitcoin Reserve (SBR), which has sparked optimism in the cryptocurrency market.

Strategic Bitcoin Reserve and Price Impact

The U.S. government's plan to purchase 1,000,000 Bitcoins over four years, as part of the SBR, has sent shockwaves through the market. Bitcoin's price responded with a 4% increase, climbing from $85,550 to $89,000. This recovery followed a previous 8% decline since Thursday, showcasing Bitcoin's volatility and sensitivity to major announcements.

Predictions and Reactions

Prominent figures in the Bitcoin community have weighed in on the news. Max Keiser, a well-known Bitcoin influencer, predicts Bitcoin could reach $120,000 by March. Nayib Bukele, El Salvador's president and Bitcoin advisor, expects a rapid surge above $100,000 in the near term. Binance's former CEO, Changpeng Zhao, also expressed bullish sentiment, tweeting, "One more holder, the US."

The Symbol of Bitcoin

In a separate but related note, the Binance exchange tweeted a simple yet symbolic "₿," the official Unicode character for Bitcoin. Introduced in 2017, this symbol signifies Bitcoin's recognition as a legitimate currency, alongside traditional symbols like "$" and "€."

The combination of positive news and bullish predictions has reignited confidence in Bitcoin's potential, positioning it as a key player in the evolving financial landscape.

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