Investing.com – Standard Chartered expects bitcoin to be worth nearly 200,000 by the end of next year if bitcoin exchange-traded funds are approved and successful in the US.
The bank based its price projections on the assumption that between 437,000 and 1.32 million US-listed spot bitcoins will be held in exchange-traded funds by the end of 2024. The company estimates that this equates to between $50 billion and $100 billion in credits.
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“If the ETF-related flows come as we expect, we believe Bitcoin will be worth $200,000 by the end of 2025.”
Kendrick and Cooper's prediction that the price of Bitcoin will rise to $200,000 means that the price of Bitcoin will have to increase more than 4 times compared to its current price of $46,600.
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Kendrick and Cooper said they view the immediate approvals of bitcoin ETFs as a “watershed moment” in the history of the popular digital currency.
Bank executives also noted that their latest Bitcoin price forecast is in line with the latest Bitcoin price forecast of $100,000 by the end of 2024.
This comes as Bitcoin pared some of its gains after surging past the $47,000 level in the past few hours, as it rallied around 4% to $46,836 in the past 24 hours.
It fell 0.65% to $2263. On the other hand, it rose about 5.5% in the last 24 hours, registering $100.
Over the past 24 hours, Avalanche has gained about 4.1% to $35.5, while falling about 0.9% to $0.56110.
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