Standard Chartered, a major bank, has set its sights on Bitcoin, predicting that the cryptocurrency could reach $100,000 before the upcoming US presidential elections. The bank is even more optimistic, expecting Bitcoin to hit $150,000 by the end of the year.
Geoffrey Kendrick, head of digital assets research at Standard Chartered, highlighted the importance of the US Nonfarm Payrolls data set to be released on Friday. If the data shows positive results, Kendrick believes Bitcoin could see a surge to an all-time high over the weekend.
Despite recent moves by the Biden administration regarding cryptocurrency regulations, Kendrick believes that a Trump victory in the elections would be more favorable for Bitcoin. This sentiment is reflected in Standard Chartered’s forecast of Bitcoin reaching $150,000 by the end of 2024 and $200,000 by the end of 2025.
Standard Chartered’s bullish outlook on Bitcoin comes amidst a growing trend of optimism in the cryptocurrency market. The bank’s predictions have caught the attention of investors, with many looking to capitalize on the potential growth in the digital asset space.
As the crypto market continues to evolve, it is important for investors to stay informed and make educated decisions. Standard Chartered’s forecasts serve as a guide for those looking to navigate the volatile yet promising world of cryptocurrencies.