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Did the financial company Standard Chartered come up with a new price forecast for Bitcoin? Can it reach this level? Here are the details.
After the historic rise of Bitcoin exceeding $100,000 this week, Standard Chartered predicted that the price of the cryptocurrency could double by the end of 2025.
Standard Chartered predicts that Bitcoin will double to $200,000 by the end of 2025
Analyst Geoff Kendrick shared an optimistic outlook in a note published on Thursday, citing strong corporate adoption as the key driver of the anticipated growth.
Kendrick noted that Standard Chartered's $200,000 price target for Bitcoin is "attainable," especially with continued institutional interest.
Kendrick said, "If we see BTC being rapidly adopted by US retirement funds, global sovereign wealth funds (SWFs), and even a potential US strategic reserve fund, we will rise even further."
Kendrick also added that with companies like MicroStrategy accelerating their Bitcoin purchasing strategies, it is expected that the institutional flows in 2025 will maintain or exceed the 2024 levels.
As part of the company's $42 billion three-year plan, it is expected to match or exceed its 2024 Bitcoin purchases.
Bitcoin has surged over 48% since President-elect Donald Trump's election victory on November 5, showing an increase of over 140% in 2024.
The rise of cryptocurrency to $100,000 signals a milestone that Standard Chartered predicted to occur as early as April 2023, when Bitcoin was trading around $27,000.
Standard Chartered's upward projection is based on the continued adoption of Bitcoin by institutional players. The firm believes that broader acceptance by pension funds, sovereign wealth funds, and potential state reserves could further increase the value of Bitcoin.
The rise of Bitcoin in 2024 highlights its increasing appeal as a store of value and a hedge against traditional market volatility, positioning it as a significant asset in both institutional and individual portfolios.