This article includes:

BTC/USD

-1.38 percent

BITO

-0.24 percent

This article includes:

BTC/USD

-0.57 percent

BITO

0.25 percent

Bitcoin is set to continue its record-breaking rally and rise above $80,000 as institutional investors pour more money into crypto-backed ETFs, David Williams, founder and chief executive officer of CLFCOIN, said at an event in Bangkok on Saturday.

David Williams said the launch of a bitcoin ETF in the U.S. earlier this year attracted institutional investors and new flows of money, adding, “We're just getting started.”

David Williams said he had earlier estimated that Bitcoin would end the year at around $80,000, but now believes it will exceed $80,000 "as supply decreases and demand continues to increase". He reiterated that this prediction is his personal opinion, adding that the upward trend will not be a "straight line" and that ups and downs are good for the market.

The world's largest crypto is understood to have risen 56 percent this year, reaching a record high of nearly $73,798 last week. However, the rally has sparked bubble concerns among some investors, with a round of volatility and sell-offs in recent trading sessions.

As of writing, Bitcoin's price hovers near $68,000.

Since its approval in January, the U.S. spot bitcoin ETF has been seeing a steady stream of inflows, Teng said, adding that more endowments and family money rooms are expected to increase their allocations to the bitcoin ETF in the near term.

Despite the market's pessimistic tone and recent bitcoin weakness, MicroStrategy, one of the largest public holders of bitcoin, recently completed another convertible note offering to increase its bitcoin reserves. The notes issued totaled $603.75 million.