Bitcoin expected to hit $200,000 by end of year, says Standard Chartered

Geoffrey Kendrick, who serves as the head of digital assets research at Standard Chartered, remains steadfast in his forecast that the price of bitcoin (BTC) will soar to $200,000 in the near future. Despite the recent volatility in the cryptocurrency market, Kendrick believes that bitcoin has the potential to reach this remarkable price point, citing various factors that could drive its value upwards.

Kendrick’s optimistic outlook on bitcoin is based on several key factors. One of the primary drivers of his prediction is the increasing mainstream acceptance and adoption of cryptocurrencies. As more and more individuals and institutions embrace digital assets as a legitimate form of investment and payment, the demand for bitcoin is expected to rise, leading to a surge in its price.

Additionally, Kendrick points to the limited supply of bitcoin as a significant factor that could propel its price to new heights. With a fixed supply cap of 21 million coins, bitcoin is inherently scarce, unlike traditional fiat currencies that can be endlessly printed by central banks. This scarcity, coupled with the growing demand for bitcoin, creates a supply-demand imbalance that could push its price up significantly.

Furthermore, Kendrick highlights the macroeconomic environment as a crucial factor in driving bitcoin’s price growth. In an era of unprecedented fiscal and monetary stimulus by governments and central banks around the world, many investors view bitcoin as a safe haven asset that can protect their wealth from inflation and currency devaluation. As concerns about the long-term stability of fiat currencies mount, more investors are turning to bitcoin as a store of value, further fueling its price appreciation.

Despite the recent price volatility in the cryptocurrency market, Kendrick remains confident in his $200,000 price target for bitcoin. He acknowledges that there may be short-term fluctuations and corrections along the way, but he believes that the long-term trend for bitcoin is upward. As more investors, institutions, and corporations recognize the value of holding bitcoin in their portfolios, Kendrick’s prediction of a $200,000 price for bitcoin may not be far-fetched after all.

In conclusion, Geoffrey Kendrick’s bullish forecast for bitcoin reflects his conviction in the fundamental factors driving the cryptocurrency’s price growth. From increasing mainstream adoption to scarcity of supply and macroeconomic trends, Kendrick sees several catalysts that could propel bitcoin to new all-time highs. While short-term price fluctuations are inevitable, Kendrick remains optimistic about the long-term potential of bitcoin, predicting a price of $200,000 in the coming years.