Bitcoin Could Reach $200,000 by End of 2024
Standard Chartered Bank has predicted that Bitcoin (BTC) could reach a price level of $200,000 by the end of 2025. This projection is based on the potential approval of Spot Bitcoin ETFs, which could happen as soon as this week. According to Geoff Kendrick, the bank’s Head of Digital Assets Research, and Suki Cooper, Precious Metal Analyst, if $50 to $100 billion flows into these ETFs, it could be a key driver for BTC’s price increase. The bank also believes that BTC could hit $100,000 before the end of this year.
Similar Gains to Gold Expected
Standard Chartered expects Bitcoin to experience gains similar to those of gold when Gold ETPs were approved. They believe that the development of the Spot BTC ETF market will be faster than that of Gold ETPs, leading to quicker gains for the cryptocurrency. However, other experts have taken a more conservative stance, with projections ranging from $14 billion to trillions flowing into these funds in the long term.
“Trillions, Not Billions” in the Long Term
Gabor Gurbacs, an advisor at VanEck, prefers to focus on the long-term potential for inflows into Spot Bitcoin ETFs. He projects that trillions of dollars could flow into these funds over time, citing the vast global asset allocation of around $500 trillion. Gurbacs believes that Bitcoin’s value will continue to rise as fiat currencies weaken and expects increased acceptance and adoption once Spot Bitcoin ETFs are approved.
Hot Take: Bitcoin’s Bright Future
Standard Chartered Bank’s bullish prediction for Bitcoin’s price and Gurbacs’ long-term outlook highlight the positive sentiment surrounding the cryptocurrency. With potential approval of Spot Bitcoin ETFs and increasing acceptance from banks and regulators, Bitcoin’s value could continue to soar. As fiat currencies face weakening, BTC offers an alternative investment opportunity. While projections vary, the overall consensus is that Bitcoin has significant growth potential in the coming years.
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