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An analyst report from the bank
In related news, Bitcoin topped the charts with a daily gain of about 7 percent, to near
What's going on: Crypto investors are excited about a report from
👉 "ETF adoption is a key driver of upward movements in the BTC price," the analysts write. "We see this as a turning point to normalize institutional money participation in Bitcoin, and we expect approval to drive significant inflows and price appreciation for BTC."
In figures:
Standard Chartered expects there to be between$50 billion and$100 billion in inflows to Bitcoin ETFs by 2024, which it forecasts would mean that such trackers will hold between 437,000 and 1.32 million Bitcoins at a price of around$100,000 by the end of 2024.-
A level of
$200,000 by the end of 2025 is possible, the analysts add. By comparison, the historical price record is nearly$69,000 and dates back toNovember 2021 .
Digital gold
The parallel:
- "The gold price rose 4.3 times in the seven to eight years it took to mature," they write. "We expect Bitcoin to make similar price gains, but we expect these gains to materialize over a shorter period of time (one to two years), given our view that the BTC ETF market will develop more quickly."
- Bitcoin is often referred to as "digital gold," with the assumption being that, like gold, BTC will always retain its value due to its built-in scarcity and can therefore be an escape investment in times of crisis.
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