One crypto expert expects the price of Bitcoin to roughly double by the end of the year due to more institutional capital moving to the sector despite price declines on Monday.
Bitcoin’s structural story remains ’very positive’ amid declines, says head of digital asset researchGeoff Kendrick, head of digital assets research at Standard Chartered, explains why investors shouldn't be scared off digital assets despite a tech pullback in
“The structural story remains very, very positive, it’s institutional money coming in, it’s the overall changes that the Trump administration will bring through the year. So, think regulation, think Congress passing bills, etc., around a number of important issues that will drive that further institutionalization of the asset class,” Kendrick said.
Despite the overall positive outlook for Bitcoin, Kendrick said he was “a little disappointed” regarding the actions of the Trump administration last week. He noted that the market was looking forward to news concerning a strategic Bitcoin reserve in the U.S., but instead a stockpile was announced., the U.S. President ordered a new working group to be created to advise his administration on crypto policy, which includes evaluating the creation of a crypto stockpile.
Kendrick’s comments came after the price of Bitcoin, and other crypto currencies, moved lower amid declines in technology stocks, Bloomberg News reported Monday. The price of Bitcoin was down five per cent at around 99,427.76 early afternoon Monday.
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