Binance CEO Sees 7% Global Crypto Adoption, Predicts Faster Growth

Binance CEO Richard Teng recently discussed the rapid global adoption of cryptocurrencies, highlighting key developments and strategic shifts in the industry. Teng expressed excitement over the increasing acceptance of cryptocurrencies as part of strategic reserves by various countries. He cited his recent trip to Bhutan, where a partnership with the country's Ministry of Tourism and the local DK Bank has enabled Bitcoin payments at over 1,000 businesses. This system facilitates a wide range of transactions, from accommodation and airline tickets to tour guide payments and souvenir shopping, and is described as secure, cost-effective, and beneficial for both users and local businesses.

Teng also revealed that Bhutan has included assets like Bitcoin, Ethereum, and Binance Coin (BNB) in its strategic reserves within the GMC special economic zone. The country began mining Bitcoin using green energy five years ago and currently holds a substantial Bitcoin reserve. This strategic move underscores Bhutan's commitment to integrating cryptocurrencies into its economic framework.

In the United States, Teng noted that President Trump is strategically approaching future technologies like blockchain and artificial intelligence. He highlighted that the US is moving away from its past repressive approach towards cryptocurrencies and embracing a supportive stance on innovation. Teng mentioned that Congress is preparing to vote on new legislation regarding stablecoins and market structure as part of “Crypto Week” in mid-July. This regulatory clarity, he believes, will pave the way for responsible innovation and attract high-value-added employment and foreign direct investment.

Teng also announced that Binance's user base has surpassed 280 million, attributing this growth to the increasing interest from institutional investors. He stated that corporate treasuries, foundations, family offices, and even sovereign wealth funds are showing interest in crypto. Teng predicted that while global crypto adoption is currently at 7%, the next 10% increase will come much faster. He also addressed a new proposal supported by President Trump, which would include crypto assets in the creditworthiness analysis of institutions like Fannie Mae and Freddie Mac. This move, Teng believes, will increase financial inclusion and mainstream adoption of crypto.

Teng concluded his remarks by stating that regulatory clarity and political support in the US will push other countries to follow suit. He emphasized that if the US leads, the rest of the world will not want to miss this opportunity, as crypto offers a strategic advantage in economic competition. Teng's speech underscored the growing integration of cryptocurrencies into various aspects of life and the potential for accelerated global adoption in the near future.