Richard Teng, the CEO of Binance, the world’s largest cryptocurrency exchange, has unveiled an ambitious plan to onboard 1 billion users to the platform. Teng emphasized that this goal is not just a dream, but also a mission to bring cryptocurrency into the mainstream.
Teng acknowledged that Binance cannot achieve this target alone and called upon all forces in the crypto industry, especially developers and builders, to join forces in this mission. In an X post, Teng stated, “Let’s build together.”
The goal of onboarding 1 billion users is not only ambitious, but also quite wild. 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 worth $160 billion.
Considering the current figure and the shrinking growth potential, it is difficult to imagine if Binance can achieve its 1 billion user target. The total number of users in the crypto market is around 580 million, and some experts believe that the market has reached its onboarding ceiling for now.
However, recent trends in politics and digitalization may help Teng in achieving his mission. Many believe that there will be more users in the market after Donald Trump resumes office as the US President on January 20.
Apart from user onboarding, experts have also made different projections regarding the price of Bitcoin. BitMEX co-founder, Arthur Hayes, predicts an increase in money creation after Trump’s inauguration and suggests that Bitcoin’s price may reach a local peak in March before possibly correcting. Similarly, Binance founder Changpeng Zhao recently shared a bullish forecast for crypto this year.
Binance has solidified its leading position in the market by achieving groundbreaking milestones in various areas. The platform has attracted institutional and retail investors with over $160 billion in user assets under custody, and 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 newbies and expert traders. Recent advancements include gas-free stablecoin transactions, extended with key partners until March 2025 to boost adoption.
Furthermore, Binance’s native coin, BNB, has gained popularity as Binance Labs has increased investment in projects. Currently, BNB is trading at $686, down by 1.39% 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, combined with ecosystem expansions, as key factors for an uptrend.