British banking giant Standard Chartered believe that the price of Bitcoin, the flagship cryptocurrency, could soar to $250,000 next year, according to a recent CNBC report. At the time of this publication, Bitcoin is trading at $67,179.
British banking giant Standard Chartered believe that the price of Bitcoin, the flagship cryptocurrency, could soar to $250,000 next year, according to a recent CNBC report. At the time of this publication, Bitcoin is trading at $67,179.
Will Bitcoin ETFs continue to attract inflows?
The super bullish price target can be achieved if capital inflows to the recently introduced Bitcoin exchange-traded funds remain strong. The bank’s median estimate is $75 billion.
Exceptionally strong demand for Bitcoin ETFs has been the main bullish narrative behind the most recent rally that has managed to push the price of Bitcoin to a recent all-time high of $73,737.
According to prominent ETF analyst Eric Balchunas, BlackRock and Fidelity’s Bitcoin ETFs have ranked among the top five ETFs by annual inflows.
Is Ethereum ETF approval at stake?
At the same time, the bank does not rule out the possible approval of a spot Ethereum ETF later this spring. If the SEC gives the green light to such a product, the largest alternative cryptocurrency could almost double its price by the end of the year.
According to data from CoinGecko, Ethereum is currently trading slightly below the $3,500 level after losing 3.7% in the last 24 hours.
In January, as Guru-Investingreported, Standard Chartered predicted that Ether could reclaim the $4,000 level if the SEC approved a spot ETF. However, the altcoin managed to surpass this level in early March even without this catalyst.
It is worth noting that the bank also believes that the price of Bitcoin’s main competitor could skyrocket to a whopping $14,000 next year.
That said, the chances of an Ethereum ETF being approved this year appear to be very slim, and the SEC faces more political pressure not to approve ETFs for other cryptocurrencies.
