As anticipation builds in the crypto world over the potential approval of spot Bitcoin ETFs in the US, major players are making bold predictions. Banking giant Standard Chartered has forecasted a staggering $200,000 target for Bitcoin by late 2025, contingent on ETF approval. This optimistic forecast is underpinned by the belief that spot Bitcoin ETFs could attract significant inflows, ranging from $50-100 billion in 2024.
The bank’s Head of Digital Assets, Geoff Kendrick, and Precious Metals Analyst Suki Cooper base this projection on the assumption that US-listed spot Bitcoin ETFs could hold a substantial amount of Bitcoin by the end of 2024, potentially multiplying its current price by 4.3 times. They draw parallels with the growth trajectory of gold exchange-traded products, envisioning a more rapid ascent for Bitcoin given the expected faster development of the BTC ETF market.
Simultaneously, Grayscale’s Bitcoin Trust (GBTC) is making waves, outpacing the majority of ETFs in trading volume. According to industry expert Eric Balchunas, GBTC traded close to half a billion dollars on January 8, surpassing over 99% of the approximately 3,000 existing ETFs. Balchunas points out that if spot Bitcoin ETFs get approved, Grayscale will enter the market with substantial trading volume, giving it a significant advantage over its competitors.
In the midst of the ETF buzz, a newcomer is entering the arena – Meme Moguls. This platform positions itself as the world’s first meme-backed stock market/exchange. Meme Moguls aims to capitalize on the growing interest in the cryptocurrency market. The Meme Moguls ecosystem is powered by the Meme Moguls Governance Token ($MGLS), featuring diverse meme-inspired assets and engaging community-driven features like a casino, trading platform, fantasy trader, and a metaverse world named Mogul Land.
Meme Moguls is currently in the presale stage of its MGLS token, offering participants an opportunity to get involved in the world of meme trading and potentially become part of a groundbreaking utility-based memecoin. With a $10,000 giveaway at the end of each presale stage and ambitious plans to create 100 millionaires within the first three months of launch, Meme Moguls is setting high expectations. In the presale’s current stage, participants can access $MGLS for $0.0027, with a total supply of 3 billion tokens. Analysts predict substantial growth for $MGLS, aligning with the overall bullish sentiment in the cryptocurrency market.
In this dynamic landscape, where traditional financial institutions make ambitious forecasts, established entities like Grayscale showcase real-time strength, and emerging platforms like Meme Moguls strive to carve their niche, the crypto market remains an ever-evolving space. As the spotlight remains on the potential approval of spot Bitcoin ETFs, these developments mark significant steps in the maturation of the cryptocurrency ecosystem.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Eric Balchunas, Suki Cooper, Geoff Kendrick, Lark Davis |
| Companies | Meme Moguls, Grayscale’s Bitcoin Trust, Standard Chartered |
| Currencies | Memecoin, Bitcoin |
| Securities | None |
