Tuesday, 27 February 2024

Crypto News

Grayscale’s GBTC tops ETFs, Standard Chartered bullish on BTC, Meme Moguls trending in BTC ETF buzz

Standard Chartered Zodia integrates Ripple-owned Metaco’s crypto storage services

  • Standard Chartered forecasts $200K Bitcoin by late 2025, banking on ETF approval.
  • Grayscale’s GBTC outpaces 99% of ETFs, trading close to half a billion dollars.
  • Meme Moguls, a meme-backed stock market, enters the crypto space with presale buzz.

As the crypto world buzzes with anticipation over the potential approval of spot Bitcoin ETFs in the US, major players are making bold predictions. Standard Chartered forecasts a staggering $200,000 target for Bitcoin by late 2025, contingent on ETF approval.

Simultaneously, Grayscale’s Bitcoin Trust (GBTC) is making waves, outpacing the majority of ETFs in trading volume. Amidst this, a new player, Meme Moguls, is poised to capitalize on the ETF momentum.

Standard Chartered’s $200K Bitcoin projection with ETF approval

Standard Chartered, a banking giant, has made a striking projection for Bitcoin’s future. The multinational firm predicts a potential surge to nearly $200,000 by late 2025, riding on the approval and success of Bitcoin exchange-traded funds (ETFs) in the US. This optimistic forecast, shared on X by Entrepreneur and Bitcoin investor Lark Davis, is underpinned by the belief that spot Bitcoin ETFs could attract significant inflows, ranging from $50-100 billion in 2024.

The bank’s Head of Digital Assets, Geoff Kendrick, and Precious Metals Analyst Suki Cooper base this projection on the assumption that US-listed spot Bitcoin ETFs could hold a substantial amount of Bitcoin by the end of 2024, potentially multiplying its current price by 4.3 times. Kendrick and Cooper draw parallels with the growth trajectory of gold exchange-traded products, envisioning a more rapid ascent for Bitcoin given the expected faster development of the BTC ETF market.

Grayscale’s GBTC outpaces ETFs in trading volume

While Standard Chartered makes forward-looking predictions, Grayscale’s Bitcoin Trust (GBTC) has already demonstrated significant prowess.

According to industry expert Eric Balchunas, GBTC traded close to half a billion dollars on January 8, surpassing over 99% of the approximately 3,000 existing ETFs. Balchunas points out that if spot Bitcoin ETFs get approved, Grayscale will enter the market with substantial trading volume, giving it a significant advantage over its competitors.

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