Standard Chartered Confirms $150000 Bitcoin Price Goal by End of Year

Bitcoin BTC up

Geoff Kendrick, the head of digital assets research at Standard Chartered, has restated the bank’s bold Bitcoin price forecast of $150,000 by the end of this year.

Get Instant 100,000 CHIKA Tokens Airdrop Worth Of $100 USD Free On

Despite the current market ups and downs and geopolitical uncertainties, Kendrick emphasized in an extensive interview with BNN Bloomberg that ETF inflows and upcoming halving events will play a major role in boosting Bitcoin’s price.

ETF Inflows Driving Bitcoin Demand, Says Kendrick

Geoff Kendrick, head of digital assets research at Standard Chartered, pointed out the remarkable surge of capital into Bitcoin ETFs within the United States as one of the main drivers. Since the launch of these ETFs in early 2024, they have attracted around $12 billion in net inflows. Kendrick emphasized the significance of this development, stating, “The ETF inflows in the US have significantly impacted the demand-supply dynamics in 2024 so far. This is a major factor in the ETFs’ performance.”

He drew comparisons between the current Bitcoin trends and the historical trajectory of gold after the introduction of gold ETFs. Kendrick elaborated on the potential magnitude of this trend, projecting, “From the beginning of this year until the ETF market in the US matures, we anticipate between $50 and $100 billion in inflows.”

Bitcoin Halving and Market Skepticism: Insights from Kendrick

In addition to ETF inflows, Geoff Kendrick, head of digital assets research at Standard Chartered, highlighted the significance of the Bitcoin halving event as another crucial factor. This event reduces the reward for mining new blocks, halving the rate of new Bitcoin entering circulation, from 900 BTC to 450 BTC per day.

Get Instant 100,000 CHIKA Tokens Airdrop Worth Of $100 USD Free On

While Kendrick suggested that this halving might be “less important than previous ones,” he still regards it as significant in short-term supply dynamics. He explained, “Obviously, once we have the halving […], you have only half as many new coins, so that helps at the margin.”

Centered JavaScript

Addressing concerns about market skepticism, particularly criticisms from figures like JPMorgan CEO Jamie Dimon, who labeled Bitcoin a “Ponzi scheme,” Kendrick defended Bitcoin’s underlying technology. He argued, “There’s a lot of people out there that don’t understand the basic methodology behind Bitcoin. And it’s really that blockchain technology, which is where the value is medium term.”

Kendrick’s Analysis: Blockchain Potential and Bitcoin Insights

Geoff Kendrick, head of digital assets research at Standard Chartered, highlighted the transformative potential of blockchain technology across various industries beyond financial services. He emphasized that Bitcoin, as the largest asset representing over 50% of the crypto market, is just the beginning, opening doors for Ethereum and other use cases. Kendrick foresees traditional finance transitioning onto blockchain over the next five to 10 years.

Addressing recent market volatility, Kendrick noted a significant Bitcoin sell-off just before the halving, resulting in the liquidation of $260 million in Bitcoin leverage positions. He interpreted this as a market correction, potentially paving the way for a healthier post-halving buildup. Kendrick stated, “We’ve had a large move lower in Bitcoin… So the market is now looking much more square going into the halving, if you like, in terms of leverage.”

In Summary

Bitcoin’s future trajectory, Kendrick expressed confidence in both recovery and substantial price growth. He anticipates a robust increase in Bitcoin’s value driven by the maturation of the ETF market and ongoing technological advancements. Looking ahead, Kendrick’s vision extends beyond the current year, projecting a potential value of $200,000 per Bitcoin by the end of 2025.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.


Join Cryptos Headlines Community

Follow Cryptos Headlines on Google News


  • Salim

    "Salim is a news writer at CryptosHeadlines who creates excellent, well-optimized content to ensure user satisfaction. He is skilled in forecasting News About Cryptocurrency Market & blockchain Industry."

    View all posts

Leave a Reply

Your email address will not be published. Required fields are marked *