Rising Expectations: Bitcoin Price Predicted to Reach a Quarter Million Dollars! Optimism in the Digital Currency Market
- Standard Chartered Bank has revised its previous predictions regarding Bitcoin prices, raising its estimates for the end of the year from $100,000 to $150,000.
"Bitcoin is a technological tour de force." - Bill Gates, co-founder of Microsoft.
- The bank's analysis is based on comparisons between the impact of Exchange-Traded Funds (ETFs) on the gold market and their expected similar effect on the Bitcoin market.
- Standard Chartered also anticipates the approval of Ethereum ETFs, which could lead to inflows of up to $45 billion and drive the price of Ethereum to around $8,000 by the end of 2024.
Standard Chartered Bank has raised its Bitcoin price estimates for the end of the year, expecting it to reach $150,000, up from $100,000. Forecasts suggest that Bitcoin may peak in this economic cycle at $250,000 next year before retracing and stabilizing around $200,000. This was stated in an investment memorandum issued by the bank on Monday, and sent via email.
"Bitcoin is a remarkable cryptographic achievement and the ability to create something that is not duplicable in the digital world has enormous value." - Eric Schmidt.
Standard Chartered used comparisons with the gold market in its analysis, especially after the introduction of gold Exchange-Traded Funds (ETFs) in the United States, and studied the relationship between the inflows of these funds and Bitcoin prices. In January, directly-traded Bitcoin ETFs began trading in the United States, as reported by CoinDesk, as reviewed by Arab Business.
The bank noted that if inflows into ETFs reach the expected estimate of $75 billion, or if reserve managers purchase Bitcoin, it could pave the way for Bitcoin to surpass the $250,000 mark at some point in 2025.
In a related context, Standard Chartered predicted that the Securities and Exchange Commission may approve an Ethereum Exchange-Traded Fund on May 23, which could lead to inflows of up to $45 billion in the first year and push the price of Ethereum to reach around $8,000 by the end of 2024.