Bitcoin could be poised for a significant price surge in the coming months, according to Geoffrey Kendrick, the global head of digital assets research at Standard Chartered. Kendrick points to several factors that suggest a bullish future for the cryptocurrency, including the recent rate cut by the U.S. Federal Reserve.
The Fed’s move has resulted in a situation where long-term borrowing costs for U.S. Treasury notes are higher than short-term borrowing costs. This is often seen as a sign of optimism about future economic growth, which can create a favorable environment for investments, including Bitcoin.
Further bolstering Kendrick’s optimism are positive signs in the derivatives market. There’s been a notable increase in new topside Bitcoin calls added for the December 27th options expiry, particularly around the $100,000 strike price. This growing interest outpaces Bitcoin’s 6% price increase over the past week, suggesting a strong belief in its potential for future growth.
Adding to the bullish narrative is Vice President Kamala Harris’ recent support for emerging technologies, including digital assets. Her commitment to innovation while protecting consumers and investors suggests a positive future for Bitcoin, regardless of the outcome of the upcoming November 5th event.
These positive indicators come at a time when digital assets are gaining widespread recognition and acceptance globally. Kendrick’s insights, backed by his expertise in the field, offer valuable perspectives for investors and stakeholders in the digital assets market. The influence of Bitcoin as an institutional asset class will be further explored at Benzinga’s upcoming Future of Digital Assets event on November 19th.
