Bitcoin on track to hit $150K by year-end, $200k by 2025: Standard Chartered
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Bitcoin’s back in the spotlight, and not just because of the halving. Standard Chartered’s head of digital assets research, Geoff Kendrick, is doubling down on his bullish outlook, projecting that Bitcoin could soar to $150,000 by year-end and $200,000 by the end of 2025.
He’s basing his forecast on the growth of the US ETF market and the potential for substantial institutional investment. If Kendrick’s right, we could see Bitcoin’s price not only skyrocket but also stabilize, reducing the likelihood of those sharp retractions we’ve seen in past cycles.
It’s not all sunshine and rainbows in the crypto industry though. El Salvador’s state-operated Bitcoin wallet, Chivo, is back in the headlines, and not in a good way.
A hacker group known as CiberInteligenciaSV has released part of the wallet’s source code on a black hat hacking crime forum, following the public exposure of personal data of 5.1 million Salvadorans. The government’s silence on the issue is only adding to the confusion and concern surrounding the wallet’s security.
Speaking of concern, Binance founder Changpeng Zhao could be facing some serious jail time. The US Department of Justice is calling for a 36-month prison sentence and a $50 million fine for Zhao’s role in Binance’s violation of federal sanctions and money laundering laws.
The DOJ’s push for a longer sentence and a sizeable fine shows the seriousness of the charges and the US government’s efforts to enforce these laws within the crypto industry. Yup, even the biggest players in the space aren’t above the law.
Today’s Newsletter
- Bitcoin on track to hit $150,000 by year-end and $200,000 by end of 2025: Standard Chartered
- El Salvador: Hackers leak code of state Bitcoin wallet
- Changpeng Zhao could face a 3-year prison term as DOJ seeks to deter crypto crime
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BITCOIN
Bitcoin on track to hit $150,000 by year-end and $200,000 by end of 2025: Standard Chartered
Standard Chartered’s head of digital assets research, Geoff Kendrick, is standing by his optimistic outlook for Bitcoin, even as many analysts predict a post-halving slump. He’s projecting that Bitcoin could reach $150,000 by year-end and $200,000 by the end of 2025, driven by the growth of the US ETF market and the potential for substantial institutional investment.
Kendrick’s basing his projections partly on the historical growth of the gold market following the introduction of gold ETFs in the US. If the crypto ETF market matures in a similar way, he believes Bitcoin’s price could follow a comparable trajectory.
He’s also suggesting that investors eventually allocate 80% of their portfolios to gold and 20% to Bitcoin, which could propel Bitcoin to his targeted range even if gold prices go sideways. And if institutional flows help Bitcoin reach $200,000, Kendrick believes it’s less likely that we’ll see the large retracements of previous cycles. [cryptobriefing]
SECURITY
El Salvador: Hackers leak code of state Bitcoin wallet
El Salvador’s state-operated Bitcoin wallet, Chivo, is back in the news for all the wrong reasons. The hacker group CiberInteligenciaSV has released part of the wallet’s source code on a black hat hacking crime forum, following the public exposure of personal data of 5.1 million Salvadorans – almost the entire adult population of the country.
This latest development comes on the heels of a series of Chivo hack-related events, including the personal data breach reported in early April. Despite these issues, the Salvadoran government has remained silent, causing more confusion and concern about the wallet’s security.
Chivo, which allows users to buy, sell, store, and withdraw Bitcoin from ATMs, has had a bumpy start since its launch in September 2021, with users reporting multiple bugs and technical glitches. The government’s lack of response to the recent hacks is only adding to the uncertainty surrounding the platform. [cointelegraph]
REGULATION
Changpeng Zhao could face a 3-year prison term as DOJ seeks to deter crypto crime
Changpeng Zhao, the founder and former CEO of Binance, could be facing a 36-month prison sentence and a $50 million fine for his role in the crypto exchange’s violation of federal sanctions and money laundering laws. The US Department of Justice is seeking a significant increase in Zhao’s prison term compared to the 18-month maximum stipulated in his November 2022 plea agreement.
In a sentencing memo, DOJ attorneys emphasized the gravity and extent of Zhao’s misconduct, arguing that the recommended sentence would serve as a powerful deterrent to others considering violating US law for financial gain.
The DOJ’s push for a longer prison sentence and sizeable fine underscores the seriousness of the charges against Zhao and Binance, as well as the US government’s efforts to enforce these laws within the crypto industry. Zhao’s sentencing hearing, initially scheduled for late February, was postponed to April 30 by mutual agreement. [cryptobriefing]
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