Bitrabo Editorial
Despite the recent volatility in Bitcoin’s price, Standard Chartered, a global bank, has issued a positive outlook for the cryptocurrency. The bank predicts that Bitcoin could surge to $150,000 by the end of 2024 and reach a high of $250,000 in 2025.
Anticipated Bitcoin Price Increase
Standard Chartered expects Bitcoin to hit $100,000 by the end of 2024, with a potential peak of $150,000 by the year’s close. Their analysis is influenced by the performance of gold exchange-traded funds (ETFs) in the US and the subsequent rise in gold prices post their introduction.
Comparisons between Bitcoin and gold have long been made due to Bitcoin’s scarcity, capped supply, and role as a non-sovereign store of value. Bitcoin is increasingly being seen as a digital equivalent to physical gold, serving as a hedge against economic uncertainty and inflation in the digital era.
The bank also suggests that BTC’s price could climb to $250,000 in 2025, stabilizing around $200,000. This prediction hinges on the success of Spot Bitcoin ETFs and factors like ETF inflows and the potential purchase of BTC by reserve managers.
Spot Bitcoin ETFs have had a notable impact on Bitcoin’s price since their launch earlier this year, setting new ETF records and attracting institutional and traditional investors. However, recent data shows a decline in interest and six consecutive days of outflows from these ETFs. Some argue that Bitcoin’s price has become overly reliant on ETF activity. The collective holdings of 11 ETFs currently represent 4.39% of Bitcoin’s total market cap, amounting to $55.55 billion.