(TheIndependentStar.com) – If what several experts are predicting is true, the recent run-up in the value of bitcoin is far from over and it could reach heights never imagined before, which creates vast wealth for those who have held on to the asset.
As per CNBC, Bitcoin stands on the brink of an impressive surge, potentially escalating to $150,000 within this annum and might even catapult to a staggering $250,000 come 2025.
The investment bank’s Head of Digital Assets Geoff Kendrick expressed optimism in a recent memo to clients. He credited this confidence to the fervor surrounding bitcoin exchange-traded funds (ETFs) and the uptick in gold prices, which historically have mirrored crypto’s movements.
The communication from Standard Chartered stated, “We raise our long-term price estimate to the USD 150,000 level from USD 100,000 given the more rapid pass-through from ETF inflows to the BTC Price to date.”
According to Coin Metrics, if Bitcoin reaches $150,000, it will be more than double its nearly $74,000 record high. Monday, the cryptocurrency was trading at $68,000.
Since their inception in January, the emerging bitcoin ETFs have magnetized billions. The iShares Bitcoin Trust has amassed in excess of $12 billion exclusively, FactSet data reveals.
ETFs, as a financial product category, are anticipated to witness inflows approximating $75 billion this year.
“This suggests to us that USD 200,000 is the ‘correct’ end-2025 price level for BTC, in line with our previous price estimate and that it is likely to be the new midpoint for a sideways trading range at that time,” the Standard Chartered analysts wrote.
“It also suggests that an overshoot to USD 250,000 is likely at some point in 2025 if ETF inflows continue apace and/or reserve managers buy BTC.”
Experts in the crypto domain posit that the bitcoin ETFs could evolve into a persistent, long-term impetus for demand towards bitcoin, thus enticing a broader investor base into the sphere.
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