The U.S. banking sector crisis has solidified the case for bitcoin as a 'decentralised, trustless and scarce digital asset,' Standard Chartered said in a note.
Chris Ratcliffe | Bloomberg | Getty Imagesvalue could jump to as much as $100,000 by the end of 2024, Standard Chartered said in a note published Monday.
The collapse of Silicon Valley Bank and other mid-tier U.S. lenders has solidified the case for bitcoin as a "decentralised, trustless and scarce digital asset," Standard Chartered analyst Geoff Kendrick said in the note."We see potential for Bitcoin to reach the USD 100,000 level by end-2024, as we believe the much-touted 'crypto winter' is finally over," Kendrick said in the report, titled "Bitcoin — Pathway to the USD 100,000 level.
"The current stress in the traditional banking sector is highly conducive to BTC outperformance – and validates the original premise for Bitcoin as a decentralised, trustless and scarce digital asset," Kendrick added. "Given these advantages, we think BTC's share of total digital assets market cap could move into the 50-60% range in the next few months ."The woes of Circle's USD Coin and other so-called stablecoins, which aim to achieve a 1-to-1 peg to the U.S. dollar, has also benefited bitcoin, Kendrick said.after its issuer Circle revealed exposure to SVB. The coin has since regained its $1 value, however its total market value has fallen to $30.
This, coupled with a stabilization of risk assets and speculation that the Federal Reserve will ease monetary tightening further, means the "pathway to the USD 100,000 level is becoming clearer," Kendrick said.in times of economic distress. As the theory goes, bitcoin has a limited supply of 21 million bitcoins, meaning it should appreciate as demand for alternative assets grows to avoid the effects of high inflation.
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