Richard Teng, CEO of Binance, the world’s largest cryptocurrency exchange, has announced an ambitious plan to onboard 1 billion users to the platform. Teng emphasized that this goal is not just a dream, but a mission to bring cryptocurrencies into the mainstream.
Teng acknowledged that Binance cannot achieve this task alone and called upon all participants in the crypto industry, particularly developers and builders, to join forces in achieving this mission. In an X post, Teng stated, “Let’s build together.”
The target of acquiring 1 billion users is not only ambitious but also quite substantial. To put it into perspective, 1 billion people represent over 12.5% of the world’s population. Currently, Binance has 250 million registered users and assets totaling $160 billion.
Given the current figures and the limited 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 around 580 million, and some experts believe that the market has reached its saturation point for now.
However, recent political and digitalization trends may contribute to Binance’s mission. Many anticipate an increase in users following the inauguration of Donald Trump as US President on January 20.
Apart from user onboarding, experts have also made various predictions about the price of Bitcoin. BitMEX co-founder Arthur Hayes predicts an increase in money creation after Trump’s inauguration, and he suggests that Bitcoin’s price may reach a local peak in March before potentially correcting. Binance founder Changpeng Zhao has also shared a bullish forecast for crypto this year.
Binance has solidified its leading position by achieving significant milestones in 2024. The platform has attracted institutional and retail investors, with over $160 billion in user assets under custody. The cumulative trading volume on the exchange has surpassed $100 trillion.
In addition, Binance has introduced services like 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 with key partners until March 2025 to encourage adoption.
Binance’s native coin, BNB, has gained popularity as Binance Labs increases its investments in projects. Currently, BNB is trading at $686, experiencing a 1.39% decrease in the last 24 hours. Analysts forecast that BNB could test the $700 – $725 price range in the short term, citing its expanding utility in payments and centralized exchanges, along with ecosystem expansions, as key factors for its upward trend.