•Standard Chartered expects the value of bitcoin to reach nearly $200,000 by the end of next year if bitcoin exchange-traded funds are approved and become successful in the United States.
•The bank based its price forecast on the assumption that between 437,000 and 1.32 million bitcoins will be held in U.S.-listed spot bitcoin exchange-traded funds by the end of 2024. The company estimates this equates to between $50 billion and $100 billion in inflows.
•“If ETF-related flows come as we expect, we believe Bitcoin will reach... To $200,000 by the end of 2025.”
•Kendrick and Cooper's prediction that the price of Bitcoin will jump to $200,000 means that the price of Bitcoin should increase more than 4 times compared to its current price of $46,600.
•Kendrick and Cooper said they view the immediate approvals of Bitcoin ETFs as a “watershed moment” in the history of the popular digital currency.
•The banking executives also noted that their latest Bitcoin price forecast is in line with their recent Bitcoin price forecast of $100,000 by the end of 2024.
•This comes in conjunction with Bitcoin reducing part of its gains after it exceeded the level of $47,000 during the past few hours, as it now records an increase of about 4% in the last 24 hours to $46,836.
•While Ethereum recorded a decline of 0.65% to $2263.
•On the other hand, Solana jumped by about 5.5% in the last 24 hours, recording $100. Avalanche also rose by about 4.1% to $35.5 in the last 24 hours, while Ripple fell by about 0.9% to $0.56110.
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