Bitcoin Surges as Binance CEO Richard Teng Praises It as "Digital Gold"

Binance CEO Richard Teng recently took to X to share a poetic take on Bitcoin, calling it “digital gold, a treasure to behold.” He highlighted its scarcity and role as an inflation hedge, reinforcing Bitcoin’s unique market position.

His statement followed a groundbreaking announcement: U.S. President Donald Trump signed an executive order to establish a Strategic Bitcoin Reserve (SBR). This initiative mandates the U.S. government to acquire 1 million BTC over four years, with 250,000 purchased annually during Trump's presidency.

The market responded swiftly, pushing Bitcoin’s price up 4%, climbing from $85,550 to $89,000. Before this rally, Bitcoin had experienced an 8% drop from its previous high of $92,780. The news also sparked bullish sentiment among industry leaders, with former Binance CEO Changpeng Zhao tweeting, “One more holder, the US.”

Bitcoin maximalist and El Salvador’s BTC advisor Max Keiser predicts Bitcoin could surpass $100,000 within hours and hit $120,000 before the end of March. Meanwhile, Binance’s official X account posted a single “₿” symbol, representing Bitcoin’s recognition as a global currency since its Unicode inclusion in 2017.

With institutional adoption accelerating, Bitcoin continues solidifying its role as a hedge against economic uncertainty, further fueled by high-profile endorsements and strategic acquisitions.