Standard Chartered Predicts Bitcoin Price Could Hit $200,000 with ETF Approval
A new note from Standard Chartered’s Global Research suggests that the price of bitcoin could rise to $200,000 in the next year if spot bitcoin exchange-traded funds (ETFs) are approved by the U.S. Securities and Exchange Commission (SEC). The bank’s analysts believe that this approval would be a significant moment for institutional investment in bitcoin and would attract substantial inflows, driving up the price of the cryptocurrency.
Potential Impact of ETF Approval
The note, written by Geoff Kendrick, the head of crypto research, and Suki Cooper, a precious metal analyst at Standard Chartered Bank NY Branch, highlights the potential impact of ETF approval on bitcoin’s price. The analysts compare it to the introduction of the first U.S.-based gold ETP in 2004, which saw the price of gold rise by 4.3 times over a seven to eight-year period. They expect bitcoin to see similar gains but over a shorter timeframe given the faster development of the BTC ETF market.
Bullish Outlook on Bitcoin
Standard Chartered continues to maintain a bullish outlook on bitcoin. They previously stated that the crypto winter had ended and later predicted that “crypto spring” had arrived, with bitcoin potentially reaching $100,000 sooner than expected.
Hot Take: Standard Chartered Anticipates Significant Bitcoin Price Upside with ETF Approval
Standard Chartered’s Global Research predicts that if spot bitcoin exchange-traded funds (ETFs) are approved by the U.S. SEC, the price of bitcoin could soar to $200,000 by next year. This approval, according to the bank’s analysts, would be a crucial milestone for attracting institutional investors to bitcoin, leading to substantial inflows and driving up the cryptocurrency’s price. The analysts draw a parallel to the introduction of the first U.S.-based gold ETP and expect bitcoin to experience similar growth but at a faster pace due to the expected rapid development of the BTC ETF market. Overall, Standard Chartered remains optimistic about bitcoin’s future prospects and believes that it could reach $100,000 sooner than previously predicted.
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