{"id":9587,"date":"2024-01-09T11:16:47","date_gmt":"2024-01-09T09:16:47","guid":{"rendered":"https:\/\/forklog.com\/en\/standard-chartered-predicts-bitcoin-could-reach-200000-following-etf-approval\/"},"modified":"2024-01-09T11:16:47","modified_gmt":"2024-01-09T09:16:47","slug":"standard-chartered-predicts-bitcoin-could-reach-200000-following-etf-approval","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/standard-chartered-predicts-bitcoin-could-reach-200000-following-etf-approval\/","title":{"rendered":"Standard Chartered Predicts Bitcoin Could Reach $200,000 Following ETF Approval"},"content":{"rendered":"<div class=\"wp-block-text-wrappers-keypoints article_keypoints\">\n<ul class=\"wp-block-list\">\n<li>Bitcoin could rise to $200,000 by 2025, according to Standard Chartered.\u00a0<\/li>\n<li>Risks of SEC decision delays on applications remain.\u00a0<\/li>\n<\/ul>\n<\/div>\n<p>Should spot ETFs based on the leading cryptocurrency be approved, the asset&#8217;s price could soar to $200,000 by the end of 2025, analysts at Standard Chartered stated in a recent report.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Standard Chartered posting some moon math! $200,000 coming <a href=\"https:\/\/t.co\/IQueMhjgiP\">pic.twitter.com\/IQueMhjgiP<\/a><\/p>\n<p>\u2014 Lark Davis (@TheCryptoLark) <a href=\"https:\/\/twitter.com\/TheCryptoLark\/status\/1744521673158909969?ref_src=twsrc%5Etfw\">January 9, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2 class=\"wp-block-heading\"><strong>&#8220;Approval is Inevitable&#8221;<\/strong><\/h2>\n<p>The bank estimates that by the end of 2024, exchange-traded funds will hold between 437,000 BTC and 1.32 million BTC, equivalent to a market inflow of $50-100 billion.\u00a0<\/p>\n<p>The company&#8217;s forecast suggests Bitcoin could increase approximately 4.3 times from its current level of $47,000. Analysts noted that exchange-traded products related to gold showed similar dynamics, but only seven to eight years after the launch of the respective ETPs.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Bitcoin will experience similar growth following the approval of a spot ETF in the US, but we will see it materialize over a shorter period (one to two years), given the rapid development of the BTC-ETF market,&#8221; explained Standard Chartered.<\/p>\n<\/blockquote>\n<p>The approval of spot exchange-traded funds based on the leading cryptocurrency represents a &#8220;turning point&#8221; for the asset&#8217;s adoption, experts added.\u00a0<\/p>\n<p>The US Securities and Exchange Commission (SEC) will consider Ethereum-ETH applications similarly to Bitcoin. The bank believes that &#8220;ultimately, the creation of spot ETH funds is likely to be permitted.&#8221;\u00a0<\/p>\n<p>Drawing an analogy with silver, analysts highlighted its &#8220;loss of efficiency&#8221; following the launch of ETPs.<\/p>\n<p>In a conversation with <a href=\"https:\/\/www.cnbc.com\/2024\/01\/08\/bitcoin-climbs-back-to-45000-as-investors-await-etf-decision-this-week.html\">CNBC<\/a>, former SEC Chairman Jay Clayton stated that the approval of a spot ETF based on the leading cryptocurrency is &#8220;inevitable.&#8221;\u00a0<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;There is nothing more to decide. This is a big step not only for Bitcoin but for the financial market as a whole,&#8221; he added.\u00a0<\/p>\n<\/blockquote>\n<p>According to Jim Angel, an associate professor at Georgetown University&#8217;s McDonough School of Business, a &#8220;price war&#8221; will occur after the product&#8217;s launch, as many issuers enter with nearly identical products.\u00a0<\/p>\n<h2 class=\"wp-block-heading\">A Bitter Pill<\/h2>\n<p>Despite all the positive signals, Fox Business journalist Eleanor Terrett suggested another delay in the decision on applications.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">An interesting caveat here on how the 5-member SEC Commission could potentially delay a <a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a> Spot ETF approval.<\/p>\n<p>While there\u2019s no scheduled commission vote on the ETF, each commissioner apparently has the right to request a review and full commission vote (under the clause cited\u2026 <a href=\"https:\/\/t.co\/W3pnOPXe2b\">https:\/\/t.co\/W3pnOPXe2b<\/a><\/p>\n<p>\u2014 Eleanor Terrett (@EleanorTerrett) <a href=\"https:\/\/twitter.com\/EleanorTerrett\/status\/1744482739116495198?ref_src=twsrc%5Etfw\">January 8, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;The SEC, consisting of five members, could potentially delay the approval of a spot ETF. Although there is no scheduled Commission vote on the fund, each member apparently has the right to request a review and full vote,&#8221; she noted.\u00a0<\/p>\n<\/blockquote>\n<p>In response to Terrett&#8217;s post, Bloomberg exchange analyst Eric Balchunas stated that he is not concerned about such a development. According to him, the regulator is led by Gary Gensler, and the agency&#8217;s staff are working with issuers.\u00a0<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Approval is the plan. There is no reason to complicate things,&#8221; the expert added.\u00a0<\/p>\n<\/blockquote>\n<p>Earlier, Gensler warned on social media X about the volatile nature of crypto assets. The community saw this as a sign of imminent approval of the applications.\u00a0<\/p>\n<p>Amid expectations of exchange-traded products, the price of digital gold tested the $47,000 mark for the first time since April 2022. At the time of writing, the asset is trading at $46,858.\u00a0<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/AB5qStKdwnWfxeFvUq0DpJlpxmJOSAmA2y8RO94GBW3h4lj-bG1ClYwHC8eJ_QEcpNBL-XcHvX1Yiy0r48gE92w12ONBUx9eih2PAHOdu0KJ5scFgT9GCXP4GR6hvV3NXbdjjGG0HVCSZY-4n53Lm4A\" alt=\"Standard Chartered Predicts Bitcoin Could Reach $200,000 Following ETF Approval\"\/><figcaption class=\"wp-element-caption\">15-minute BTC\/USDT chart on Binance. Data: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSDT\/\">TradingView<\/a>.<\/figcaption><\/figure>\n<p>Analysts at CryptoQuant suggested that Bitcoin ETF approval could raise the asset&#8217;s price to $54,000. Morgan Creek Digital co-founder Anthony Pompliano warned that the launch of the instrument would not double the price of the leading cryptocurrency overnight.<\/p>\n<p>Conversely, JAN3 CEO Samson Mow predicted that digital gold could rise to $1 million within a few &#8220;days or weeks&#8221; following ETF approval.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin could rise to $200,000 by 2025, according to Standard Chartered.\u00a0 Risks of SEC decision delays on applications remain.\u00a0 Should spot ETFs based on the leading cryptocurrency be approved, the asset&#8217;s price could soar to $200,000 by the end of 2025, analysts at Standard Chartered stated in a recent report.\u00a0 Standard Chartered posting some moon [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9586,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,569,1150],"class_list":["post-9587","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-etf","tag-news-plus"],"aioseo_notices":[],"amp_enabled":true,"views":"23","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/9587","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=9587"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/9587\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/9586"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=9587"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=9587"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=9587"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}