GM friends.
Our pals over at Standard Chartered dished out some fresh bitcoin hopium for us this week.
That, and this latest BTC price pump has got me feeling good.
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Now, let’s explore the exciting content we have for you in today’s newsletter.
Here’s what’s in today’s issue:
- David shares his thoughts on Standard Charter’s BIG Bitcoin prediction, the shrinking GBTC discount, Brian Armstrong’s and Arthur Hayes’ opinions on Binance, crypto funds weekly inflows booming & Cosmos’s founder calling for a hard fork.
- Erik has an article on the Digital Euro: Is it a flop in the making?
- In case you missed it by Rebecca.
Standard Chartered Doubles Down on BTC Price Prediction
On Tuesday, British multinational bank Standard Chartered reiterated its prediction that bitcoin will hit $100K before or by the end of 2024.
The bank first issued this price prediction back in April, arguing that a significant portion of the market viewed bitcoin as a safe haven asset.
Standard Chartered’s prediction and analysis comes from Geoff Kendrick, the bank’s head of FX research. According to Kendrick, there’s two catalysts that make him conclude a $100K bitcoin in 2024.
And I bet you can guess both of them.
- The approval of multiple spot bitcoin ETFs in the U.S. Kendrick wrote Tuesday that these approvals “are likely to come sooner than expected”, however he also noted that he thinks the approvals will come in Q1 of next year.
- The second is bitcoin’s April 2024 halving.
What’s also interesting is that there might be a third catalyst forming that could work in conjunction with the first two. And that is interest rate cuts by the Federal Reserve.
On Tuesday, Fed Governor Chris Waller stated that the central bank might institute rate cuts within the next few months if data continues to show that the U.S. economy is slowing down and inflation is decreasing.
Imagine all three catalysts coming together early next year. Let’s go!!!
Grayscale’s GBTC Discount at Lowest Point since July 2021
Speaking of spot bitcoin ETFs, the best way to gauge the likelihood of an SEC approval isn’t by listening to bank analysts, but by watching the GBTC discount window.
Allow me to explain.
As you probably know, Grayscale’s GBTC is a bitcoin investment trust. However, there’s (currently) no one-to-one redemption mechanism between GBTC and BTC.
Therefore, the prices between the…
Hi! My name is Lark Davis!
I’m a cryptocurrency investor with years of experience and I’ve been making consistent profits in the crypto space.
I’m passionate about helping others do the same, so I run multiple educational channels on crypto investing.
