Head of cryptocurrency exchange predicts growth of Bitcoin rate

Changpeng Zhao, the chief executive of the world's largest cryptocurrency exchange Binance, predicted that Bitcoin's price will continue to rise in the coming years, Report informs referring to Sputnik.

"If we look at a 5-10-year horizon I think the industry will continue to grow, and if the industry continues to grow then the Bitcoin price will likely go up," he told Sputnik in an interview.

"I don't know how much or by when... but, generally, the industry is growing and Bitcoin is a limited supply asset," he added.

Zhao said he was "very bullish" over the long term, seeing the number of novice investors putting their money into digital tokens rise dramatically since last January.

Bitcoin's price sunk to a new recent low of $42,000 over the weekend on concerns about the impact of emerging coronavirus variants on the economy. It regained some of its value by December 9 to trade at around $49,000. This is above this June's low of $28,000 but a long way off $68,990 it cost last month.