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Bitcoin to the Moon: Standard Chartered Forecasts a $250,000 Future

In a world where digital currencies are rapidly reshaping the financial landscape, British banking behemoth Standard Chartered has cast a spotlight on Bitcoin, the vanguard of cryptocurrencies. A recent CNBC report has stirred the market with the bank’s audacious prediction: Bitcoin’s value could catapult to an astonishing $250,000 in the forthcoming year.

This stratospheric ascent hinges on the sustained vigor of capital inflows into the nascent Bitcoin exchange-traded funds (ETFs). With a mid-point estimate of $75 billion, the bank underscores the pivotal role of Bitcoin ETFs in fueling the cryptocurrency’s ascent to a record-breaking $73,737. The narrative is bolstered by insights from Eric Balchunas, a renowned ETF analyst, who notes that BlackRock and Fidelity’s Bitcoin ETFs have clinched top spots among the year’s most sought-after ETFs.

The ripples of excitement extend beyond Bitcoin, as whispers of an Ethereum ETF’s approval echo through the corridors of finance. Should the Securities and Exchange Commission (SEC) bestow its blessing on a spot-based Ethereum ETF this spring, the repercussions could be profound. Ethereum, the preeminent alternative cryptocurrency, stands on the cusp of potentially doubling its value by year’s end.

Rewinding to January, Standard Chartered’s crystal ball foresaw Ether reclaiming the $4,000 mark, contingent on the SEC’s nod for a spot ETF. Yet, defying expectations, Ether surged past this threshold in March, independent of such a catalyst. The bank’s vision extends further, prophesying that the prime Bitcoin rival might soar to a staggering $14,000 next year.

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