Standard Chartered believes that the US President Donald Trump’s first months in office have been volatile, and his administration could be a long-term net positive for Bitcoin.
In a February 27th interview with CNBCGeoffrey Kendrick said he believes Bitcoin will (BTCPrice to rise to $500,000 by the end of President Trump’s second term. The growing adoption by institutions and the potential for clearer regulations as positive catalysts.
Geoffry Kendrick responds to “crypto’s $800 billion wipeout.” Source: CNBC
Kendrick said that despite recent volatility in the crypto market, it should get less turbulent over time, as more and more institutions begin to adopt this asset class. As a result, these players can also reduce the perceived security risks associated with crypto protocols. $1.4-billion hack of crypto exchange Bybit.
“What we need are traditional financial players, like Standard Chartered, like BlackRock and others that have ETFs now to really step in,” said Kendrick. “It’s institutions like ours that now offer custody businesses that are much more secure than the hacks.”
“As the industry becomes more institutionalized, it should be safer,” He said.
Related: House Democrats propose bill to ban presidential memecoins: Report
Bitcoin’s stomach-churning volatility
Bitcoin price has dropped to an almost three-month-low of $80,000 after reaching a high in January above $109,000. President Trump reasserted his tariff threats On China and its allies Mexico, Canada and China
Tariffs for Canadian and Mexican products to be implemented on March 4, 2019 “will, indeed, go into effect, as scheduled,” Trump’s remarks on Truth Social
Source: Donald Trump
Bitcoin’s rapid reaction to the tariff threat suggests that it has developed a strong correlation with stock prices and liquidity, says a commentator on the market. The Kobeissi Letter.
Global Macro Investor Julien Bittel said Bitcoins recent drop is “normal in bull markets,” Especially after the huge price increase following the US Presidential election.
Source: Jamie Coutts
Jamie Coutts chief cryptoanalyst at Real Vision said, “Two of the three are true.” “core liquidity measures” His framework has turned bullish in the wake of recent market declines. Bitcoin usually does well when there are growing central bank balances and an increase in global money. It is only the US Dollar that remains.
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Source: cointelegraph.com
