British bank forecasts $100k Bitcoin by end of year while central banks buy gold (instead of dollars)
Last Updated on 6 November 2023 by CryptoTips.eu
If even the British start being bullish on Bitcoin, it seems to us that now everyone is ready to shout ‘to the moon’. Yesterday, Standard Chartered analysts wrote in a note to their international clients that they too now see an opportunity for Bitcoin to hit $100,000 by the end of this year.
It is also striking that more and more central banks seem to be stocking up on gold because of a weakening dollar.
Crypto winter
With that, Standard Chartered is the first major bank to declare ‘crypto winter’ to be over. They also proclaim that there may be a path for the largest digital currency to break its price record this year.
While sources of uncertainty remain, we think the pathway to the USD 100,000 level is becoming clearer.
Standard Chartered’s Geoff Kendrick said in a client note.
The British bank that mainly operates in Asia thinks that the Federal Reserve’s interest rate decisions this year and the hope for a positive price development for Bitcoin through the halving of 2024 will both boots its price.
Central banks want gold
The Financial Times found it striking enough to report that the strength of gold (which has risen a good 20% in the last six months) has been matched by a weaker dollar (finally).
While the US dollar was just about the most sought-after commodity in 2022, it is now mainly gold that central banks want to buy as interest rates go ever higher.
The strong US dollar in 2022 caused many US tech stocks (which saw their exports to become more expensive) and the price of Bitcoin (which is denominated in dollars) to fall. A weaker dollar in 2023 is therefore good news for Bitcoin.
