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⚡Standard Chartered Projects Bitcoin's Rise to $125K💡

Croxroad

13 Sep 2024 — 4 min read

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🏦 Standard Chartered

Standard Chartered has reaffirmed its projection that bitcoin will reach new all-time highs by the end of 2024, regardless of the outcome of the U.S. presidential election. Geoff Kendrick, the bank’s global head of digital assets research, predicted that bitcoin could rise to $125,000 under a Trump presidency and $75,000 if Kamala Harris wins. While regulatory concerns loom under a Harris administration, Kendrick remains optimistic, stating that the cryptocurrency’s overall trajectory will remain strong, regardless of the election result.

Kendrick also noted that a Harris presidency might trigger an initial dip in bitcoin’s price due to regulatory uncertainty, but believes the market will quickly recover as other positive drivers, such as progress on the regulatory front, take hold. A Trump victory, on the other hand, is expected to be more favourable for bitcoin’s growth, aligning with the broader market’s perception that a less regulated environment could benefit digital assets.

Despite the potential challenges under a Harris administration, Standard Chartered remains bullish on bitcoin’s long-term prospects. The bank reaffirmed its long-standing prediction that the cryptocurrency could reach $200,000 by 2025. Kendrick pointed to other factors, such as a steepening U.S. Treasury curve, as contributing positively to bitcoin’s future growth, helping to offset regulatory hurdles that may arise in the near term.

📐 SEC Charges eToro

eToro has agreed to pay $1.5 million to settle charges brought by the U.S. Securities and Exchange Commission (SEC) for operating as an unregistered broker and clearing agency, while facilitating the trading of certain crypto assets considered securities. The settlement includes a commitment from eToro to limit the crypto assets available for U.S. customers, restricting trading to bitcoin (BTC), bitcoin cash (BCH), and ether (ETH). The company emphasised that only about 3% of customers’ cryptocurrencies by dollar value are affected, and users will not need to take action unless they hold assets that cannot be transferred to the eToro crypto wallet.

According to the SEC, eToro allowed U.S. customers to trade crypto assets offered as securities without adhering to registration requirements, a violation that dates back to at least 2020. While the company did not admit or deny any wrongdoing in the settlement, eToro’s CEO, Yoni Assia, expressed that the agreement allows the company to move forward and focus on expanding its U.S. business. The SEC’s order did not specify which tokens were classified as securities, leaving ambiguity around the exact assets involved, a recurring issue in the ongoing regulatory struggle between the SEC and the crypto industry.

The settlement comes amidst a broader SEC crackdown on crypto firms over securities violations. Recent actions include cases against major platforms like Ripple, Coinbase, and Binance. Notably, Ripple was fined $125 million for violating securities laws, while Coinbase and Binance have faced similar scrutiny for handling crypto asset securities. Despite regulatory uncertainties in the U.S., Assia remained optimistic, highlighting that eToro has a clear regulatory framework in its home markets of the U.K. and Europe, and expects similar clarity to emerge in the U.S. in the near future.

🦯 Increasing Acceptance by Merchants Worldwide

Bitcoin's increasing acceptance by merchants worldwide is enhancing its utility as a payment method. Many retailers and businesses, both online and offline, now offer bitcoin as an option alongside traditional payment methods like credit cards or cash. This growing adoption allows customers to use their bitcoin directly for purchases, eliminating the need to convert it into fiat currency, making transactions more seamless and convenient for crypto holders.

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“Every time a merchant adds Bitcoin as a payment option, it’s another step toward integrating digital currencies into the fabric of everyday commerce.”

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