Standard Chartered has revised its cryptocurrency price projections, causing a stir among investors. The prominent banking institution now predicts Bitcoin will reach $150,000 by the end of the year, a significant jump from its earlier estimate. The bank’s optimism is fueled by expectations of increased capital flowing into Bitcoin ETFs in the United States, which could escalate demand and inflate Bitcoin’s market price.
Bitcoin’s Ascent to a Quarter Million by 2025
Looking further ahead, Standard Chartered projects a stabilization of Bitcoin’s price at around $200,000, with a potential spike to $250,000 during its 2025 cycle. The bank draws parallels between projected Bitcoin ETF performance and the historical impact of gold ETFs on gold prices in the U.S., suggesting a possible correlation in Bitcoin’s growth trajectory.
Moreover, the bank acknowledges an additional potential for value escalation, predicated on the rise of ETF inflows or strategic purchases of Bitcoin by reserve managers.
Ethereum’s Price Poised for a Breakthrough
In regards to Ethereum, Standard Chartered forecasts a notable price increase, with the potential for a price surge to $8,000 by the end of 2024. This projection is contingent upon the approval of an Ethereum ETF by the SEC, anticipated for May 23. Such an approval is expected to attract substantial capital inflows, possibly within the first 12 months of its launch.
The bank emphasizes that the success of both Bitcoin and Ethereum will hinge on regulatory decisions, ETF authorizations, and patterns in institutional investments. At present, Bitcoin is trading at $68,250, while Ethereum’s current price stands at $3,596.