Bitcoin struck a new all-time high on Thursday, with a top international bank predicting it will reach $500,000 by 2029. The world’s largest cryptocurrency rose to $111,862.98, a new all-time high, as investors sought alternatives to US assets. According to Reuters statistics, this represents a 3.3% rise from the closing on Wednesday.
On Tuesday, Geoff Kendrick, Head of Digital Assets at Standard Chartered, said that Bitcoin will hit $500,000 by 2029. Kendrick highlights increased institutional and government interest, particularly through indirect involvement via vehicles such as MicroStrategy: “The quarter 13F data (which assesses potential demand for Bitcoin from organisations) is the best test of our thesis that BTC will attract new institutional buyer types as the market matures, helping the price reach our $500,000 target level,” according to Kendrick. According to Simon Peters, Market Analyst at eToro, there are several narratives that might drive the bitcoin price to skyrocket.
For starters, global liquidity, which measures how much money is available in the global economy and is strongly related to the bitcoin price, is expected to rise throughout the year. “With the recent downgrade of the US credit rating, and the amount of debt that it needs to be refinanced this year, it will be interesting to see what demand is now like for newly issued Treasuries,” Peters told Reuters.
A failure at auction, defined as a lack of bidders, might force the Fed to intervene, provide cash for these assets, and expand its balance sheet. Historically, bitcoin’s price has risen in tandem with the Fed’s expanding balance sheet. ” Other developed countries such as China, the United Kingdom, and Europe.
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