Standard Chartered Research Head Predicts Bullish Future for Bitcoin with ETF Approval
Geoff Kendrick, the Head of FX Research at Standard Chartered, has offered an optimistic outlook on Bitcoin, suggesting that the approval of Bitcoin spot exchange-traded funds (ETFs) has the potential to propel the leading cryptocurrency to new heights. Kendrick believes that if regulatory approval is granted, Bitcoin’s value could surge by over 300% by the end of the year.
Wall Street Awaits Bitcoin ETF Decision
The financial industry is eagerly awaiting the Securities and Exchange Commission’s decision on Bitcoin ETFs, which is expected by Wednesday. This decision is crucial for the integration of BTC ETFs into traditional financial markets.
Potential Inflows Could Drive BTC Price to $200,000 by 2025
Kendrick projects a BTC price nearing $200,000 by the end of 2025. This forecast is conditional upon additional Bitcoins held in spot US ETFs, which could result in inflows of $50-$100 billion in 2024 alone.
Caution and Uncertainty Surround Long-Term Cryptocurrency Forecasts
While some investors are excited about the potential returns, Standard Chartered executives caution against relying too heavily on Kendrick’s prediction. They compare it to the historical performance of gold ETPs, which took several years to reach a similar valuation multiplier.
Rapid Surge Expected with Maturing BTC ETF Market
Standard Chartered anticipates a more accelerated timeline for Bitcoin price gains compared to previous iterations. They expect a rapid appreciation within 1-2 years due to their belief in a more agile and rapidly developing BTC ETF market.
Analyst Predicts Bitcoin Could Reach $532,000 in 2025
An analyst who developed the Stock-to-Flow (S2F) model predicts that Bitcoin might exceed $100,000 in 2024 and rise to $532,000 in 2025. This forecast was made during a period when Bitcoin ETFs were a hot topic in the market.
Hot Take: Potential for Unprecedented Bitcoin Price Surge with ETF Approval
The approval of Bitcoin spot exchange-traded funds (ETFs) has the potential to drive Bitcoin’s value to new heights. While some caution against relying too heavily on these predictions, there is excitement surrounding the potential returns. With the financial industry eagerly awaiting the SEC’s decision, Wall Street is on edge, anticipating a crucial moment for the integration of BTC ETFs into traditional financial markets. If regulatory approval is granted, Bitcoin could experience a surge of over 300% by the end of the year, potentially reaching a price nearing $200,000 by 2025.
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