Binance CEO Richard Teng has expressed strong bullishness on Bitcoin (BTC) and the crypto industry as a whole, despite the recent drop in BTC's price. In a post on X, formerly known as Twitter, Teng conveyed his enthusiasm for the future of Bitcoin.

Rising Global Adoption of Bitcoin

Teng highlighted the rapid growth and maturity of the crypto market, particularly the increasing number of physical vendors worldwide that now accept Bitcoin payments. The chart shared in his post showed a significant spike in BTC vendor acceptance from May 2023 to May 2024, underscoring the accelerating adoption of the cryptocurrency.

Bitcoin Price Volatility Continues

Despite Teng's bullish stance, Bitcoin price has been fluctuating in recent days. At the time of writing, BTC is trading at around $61,192, down 0.19% from the previous day. The cryptocurrency reached a low of $58,601 and a high of $61,658 over the past 24 hours.

Factors Influencing BTC Price

Bitcoin Futures Open Interest, as per data from CoinGlass, decreased by 2.40% in the last 24 hours to $32.46 billion, equivalent to 529.81K BTC. Additionally, BTC liquidations over the past day were recorded at $100.77 million. These factors contribute to the ongoing volatility in Bitcoin's price.

Outlook for Bitcoin's Future

While a recent report by CoinGape Media suggests that BTC price risks falling to $50,000 due to ETF outflows and broader market conditions, Teng's remarks provide a positive outlook on Bitcoin's future. The Binance CEO's bullish stance, coupled with the increasing global adoption of Bitcoin, could signal a promising future for the cryptocurrency.