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⚡Bitcoin's Path to $150,000 Intact🧩

Croxroad

25 Apr 2024 — 3 min read

☕️ GM Dear Plebs!

Here is Crox Road, your daily dose of orange pill that will turn you into a Bitcoin Maxi.

The menu for today:

🪇 Confidence Unshaken

Geoff Kendrick, the head of digital assets research at Standard Chartered, remains optimistic about Bitcoin's price trajectory, suggesting that the cryptocurrency could more than double in value by the end of the year. In an interview with BNN Bloomberg, Kendrick reiterated his firm's price target of $150,000 for Bitcoin, implying a significant 127% upside potential.

Despite Bitcoin experiencing a recent pullback, declining by 11% from its all-time high of approximately $73,000 in March, Kendrick attributes this to slowing inflows into Bitcoin ETFs and rising tensions in the Middle East, which have temporarily dominated the crypto markets. However, he anticipates a reversal in sentiment later in the year, driven by a substantial wave of investor inflows.

Kendrick estimates that spot Bitcoin exchange-traded funds have attracted around $12 billion in inflows since their approval in January. He predicts that inflows could surge to $50 billion to $100 billion over the next two years as the crypto ETF market in the US matures.

Furthermore, Kendrick highlights Bitcoin's bullish trajectory post-halving event, where the reduction in rewards to Bitcoin miners decreases the amount of new Bitcoin entering circulation. Historically, this has led to price spikes, with the last three halving events followed by fresh all-time highs within the next 12 months.

Considering these factors, Kendrick suggests that Bitcoin is poised for further upward momentum. Standard Chartered, known for its bullish Bitcoin forecasts, has also predicted that Bitcoin could reach $250,000 by 2025, implying a substantial 266% upside potential from its March levels.

🇨🇭 Push for Bitcoin

Swiss bitcoin enthusiasts are renewing their efforts to persuade the Swiss National Bank (SNB) to incorporate Bitcoin into its reserves, aiming to safeguard Switzerland's economic autonomy, as reported by the Swiss newspaper Neue Zürcher Zeitung on Saturday. An advocacy group is reviving its initiative, intending to convince SNB members of the benefits of adding Bitcoin to the bank's assets. Proponents argue that such a move would bolster Switzerland's sovereignty and neutrality.

The advocacy group plans to present its proposal to an SNB committee during a meeting scheduled for April 26. Documents outlining the proposal will be submitted to Switzerland's State Chancellery, a crucial step in advocating for Bitcoin's inclusion in the SNB's reserves, according to Yves Bennaïm, a board member of the Bitcoin Association Switzerland leading the initiative.

The proposal aims to spark a discussion on how Switzerland can uphold its sovereignty and neutrality through its monetary policy, as highlighted by Luzius Meisser, who is collaborating with the advocacy group. Meisser, the president of asset manager Bitcoin Suisse, believes that incorporating Bitcoin into the SNB's reserves would reinforce Switzerland's independence from the European Central Bank (ECB).

Meisser emphasised that Switzerland's inclusion of Bitcoin in its reserves would underscore its autonomy from the ECB, strengthening its neutrality. This initiative echoes a previous recommendation made in 2022, where an advocacy group proposed that the SNB purchase 1 billion Swiss francs worth of Bitcoin monthly instead of German government bonds. As discussions unfold, the prospect of Bitcoin becoming part of Switzerland's financial reserves continues to intrigue and captivate both enthusiasts and policymakers alike.

🔮 Cryptocurrency

Cryptocurrency is a type of digital asset that functions as a decentralised form of currency, enabling peer-to-peer transactions without the need for intermediaries like banks or government agencies. Utilising cryptographic techniques, transactions are securely verified and recorded on a distributed ledger called a blockchain, which is maintained by a network of participants known as miners or validators. Cryptocurrencies can be used as a store of value or as a medium of exchange for goods and services, offering users greater financial autonomy and privacy compared to traditional fiat currencies.