Richard Teng, the CEO of Binance, the world’s largest cryptocurrency exchange, has announced a bold plan to onboard 1 billion users onto the platform. Teng considers this goal to be a dream and a mission, as it presents an opportunity to bring cryptocurrencies closer to mainstream adoption.
Teng emphasizes that Binance cannot achieve this task alone and encourages all stakeholders in the crypto industry, particularly developers and builders, to collaborate in order to accomplish this mission. In an X post, Teng states, “Let’s build together.”
The target of acquiring 1 billion users is not only ambitious but also incredibly challenging. To put this into perspective, 1 billion people represent over 12.5% of the global population. Currently, Binance has 250 million registered users with assets totaling $160 billion.
Given the current figures and the diminishing growth potential, it is difficult to imagine if Binance can reach its goal of 1 billion users. The total number of users in the crypto market is approximately 580 million, and some experts believe that the market has reached its saturation point for now.
Recent political and digitalization trends, however, may help Teng in achieving his mission. Many believe that there will be an increase in users after Donald Trump assumes office as the US President on January 20.
In addition to user onboarding, experts have also made different projections regarding the price of Bitcoin. BitMEX co-founder Arthur Hayes predicts an increase in money creation following Trump’s inauguration and suggests that Bitcoin’s price may reach a local peak in March before potentially correcting. Similarly, Binance founder Changpeng Zhao recently shared a bullish forecast for the crypto market this year.
Binance has established itself as a leading player in the industry by achieving significant milestones across various fronts. The platform has demonstrated its ability to attract both institutional and retail investors, with over $160 billion in user assets under custody. Furthermore, the cumulative trading volume on the exchange has surpassed $100 trillion.
Apart from these achievements, Binance has introduced services such as Spot Copy Trading and a unified Portfolio Margin wallet to cater to both novice and expert traders. Recent advancements include gas-free stablecoin transactions, extended partnerships until March 2025 to boost adoption.
Binance’s native coin, BNB, has gained popularity due to increased investment in projects by Binance Labs. Currently, BNB is trading at $686, experiencing a 1.39% decrease in the last 24 hours.
However, analysts predict that BNB might test the price range of $700 – $725 in the short term. They attribute this potential uptrend to the expanding utility of BNB in payments and centralized exchanges, as well as ecosystem expansions.