Key Points
- Geoff Kendrick of Standard Chartered maintains a positive outlook for Bitcoin, predicting a year-end price of $150,000.
- Despite recent market downturns, Kendrick anticipates significant growth in ETF investments and a potential rise to $250,000 by 2025.
Geoff Kendrick, the head of digital assets research at Standard Chartered, continues to hold a positive view on Bitcoin. His firm has set a year-end price target of $150,000 for the cryptocurrency.
Bitcoin’s Potential Growth
In a recent interview with BNN Bloomberg, Kendrick acknowledged the recent downturn in Bitcoin’s price. He noted that Bitcoin has slipped by 11% from its peak of approximately $73,000 in March.
He attributed this decline to slowing inflows into Bitcoin ETFs and rising geopolitical tensions. However, he remains confident in the market’s ability to bounce back. He reiterated his firm’s earlier price prediction of $150,000 for Bitcoin by the end of the year.
Expectations for ETF Investments
Kendrick sees potential for significant growth in ETF investments. He highlighted that nearly $12 billion has flowed into the market since the approval of spot Bitcoin ETFs in January.
He believes that the U.S. ETF sector’s increasing maturity could lead to inflows ranging from $50 billion to $100 billion in the next two years.
Standard Chartered remains optimistic about Bitcoin’s prospects, even projecting a rise to $250,000 by 2025. This would represent a 266% increase from its March levels. The firm’s positive outlook reflects a wider belief in Bitcoin’s long-term rise in the financial markets.
