🌋 Standard Chartered Bets Big on Bitcoin
posted 18 Mar 2024
Standard Chartered has raised its Bitcoin price forecast, now expecting it to hit $150,000 in the short term and escalate to $200,000 within two years. The anticipated surge is primarily attributed to a potential influx of investments into American spot Bitcoin ETFs.
Analysts are drawing parallels to gold, which significantly increased in price after the introduction of ETFs. Additionally, they foresee Bitcoin occupying up to 20% of conservative investors' portfolios, a shift poised to push Bitcoin's price well above $150,000:
We see a rising likelihood that large reserve managers may announce BTC buying in 2024.
With such a positive outlook, where reserve fund managers begin investing in Bitcoin or its ETFs, the analysts expect the price could climb as high as $250,000 by the end of 2025. However, caution is recommended as these bullish forecasts aren't always spot-on, yet have long been a staple of the cryptocurrency market.
For example, in 2023, entrepreneur and crypto enthusiast Balaji Srinivasan lost a wager that Bitcoin would reach $1 million. He subsequently withdrew his prediction and contributed $500,000 to various crypto organizations, including the Bitcoin Core developers.
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