Standard Chartered, a multinational banking giant, projects that Bitcoin could soar to nearly $200,000 by the end of 2025, conditioned on the approval and success of Bitcoin exchange-traded funds (ETFs) in the United States. The prediction is based on the assumption that U.S.-listed spot Bitcoin ETFs could hold between 437,000 to 1.32 million Bitcoin by the end of 2024, translating to inflows of $50-100 billion.
According to Geoff Kendrick, head of digital assets at Standard Chartered, and precious metals analyst Suki Cooper, this forecast would require Bitcoin to multiply its value by 4.3 times from its current price of $47,000. They draw parallels to the gold exchange-traded products, which experienced a similar growth trajectory seven to eight years post-launch in November 2004. This bullish stance aligns with the bank's earlier prediction of Bitcoin hitting $100,000 by the end of 2024.
However, contrasting views exist within the financial community. For instance, blockchain strategist Jamie Coutts suggests that Bitcoin is currently undervalued, considering its robust fundamentals and novel use cases. On the other hand, Bloomberg Intelligence's senior macroeconomic strategist Mike McGlone expresses caution, warning of potential risks in the market, especially considering Bitcoin's volatile nature as a high-risk asset.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.