Trump's Presidency Boosts Crypto Adoption, Binance CEO Predicts

Binance CEO Richard Teng has expressed optimism about the future of cryptocurrencies, attributing the positive outlook to the election of pro-crypto US President Donald Trump. In an interview with Bloomberg Television, Teng predicted that the Trump administration will drive the adoption of crypto assets to new heights, particularly among financial institutions and governments.

Teng noted that the election of Trump, who has been in office for over a month, has brought optimism to the crypto space. He believes that the momentum gained in 2020, which saw Binance's user base grow from 170 million to 240 million, will continue into 2021. As of now, Binance has reached 260 million users globally, making it the largest global crypto exchange.

Teng also highlighted the increased interest in digital assets since Trump's election, attributing it to a shift away from the anti-crypto policies of former US President Joe Biden. He mentioned Operation Choke Point, an alleged coordinated effort by the government to shut down the crypto industry, which created uncertainty for US and global crypto players during the Biden administration. Teng believes that Trump's appointment of an AI and crypto czar signals a fresh reset and restart for the crypto industry, with governments around the world now showing more support for digital assets.