Standard Chartered, the British multinational bank, is anticipating a potential approval from the U.S. Securities and Exchange Commission (SEC) for a spot Bitcoin exchange-traded fund (ETF) this week. According to a report by Geoff Kendrick, Head of Digital Assets, and precious metals analyst Suki Cooper at Standard Chartered, the approval of a Bitcoin ETF could propel the world’s largest cryptocurrency to a high of nearly $200,000 by the end of 2025.
In their analysis, Standard Chartered draws parallels between Bitcoin and gold, particularly after the introduction of exchange-traded products.
Notably, the bank notes that it took seven to eight years for gold exchange-traded products to increase their price by 4.3 times following their introduction in November 2004.
Comparatively, the bank expects Bitcoin to experience similar price gains but over a more compressed timeframe of one to two years, citing the anticipated rapid development of the BTC ETF market.
Highlighting the significance of the potential SEC approval, Standard Chartered executives refer to it as a “watershed moment.” They emphasize their expectation that Bitcoin’s price gains will occur swiftly, outpacing the trajectory observed in the gold market.
For Standard Chartered’s forecast to materialize, Bitcoin’s price would need to surge 4.3 times from its recent level of $47,000 earlier this week. The report underlines the transformative impact of ETF-related inflows on Bitcoin’s valuation.
It’s worth noting that the SEC’s Twitter account experienced a compromise on Tuesday, falsely announcing the approval of Bitcoin ETFs. The misinformation briefly boosted Bitcoin’s price before being corrected, emphasizing the market’s sensitivity to regulatory developments.
In the broader context of cryptocurrency-related news, social media platforms, including Twitter, have faced challenges with the proliferation of crypto scams and false information, especially since Elon Musk’s increased involvement.
Twitter recently announced a significant price cut for gold check verification, offering an 80% discount on a basic plan this week.
