US Default on Debt Could Boost Bitcoin by Nearly 70%, Says Standard Chartered Analyst
According to the head of digital assets research at Standard Chartered, Geoff Kendrick, a potential default on US debt could cause Bitcoin to surge by almost 70% from its current levels. While acknowledging it is a "low-probability, high-impact event," Kendrick noted that Bitcoin could fare well even if overall cryptocurrencies dipped. He suggested long Bitcoin and short Ethereum as an optimal trade mix in such a scenario. Kendrick also predicted that Bitcoin could hit $100,000 by the end of 2024 and stated that the "crypto winter" was over. The recent collapse of Silicon Valley Bank and fears of a banking crisis have helped boost Bitcoin's price earlier this year. However, there are still many critics of Bitcoin, including billionaire investor Warren Buffett, who has likened it to a gambling token with no intrinsic value.