Standard Chartered’s $120K Bitcoin Target? Oops, We Missed That One! 😱

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So, Standard Chartered thought $120K was a big deal? Ha! Bitcoin had other plans. 😏

Well, it looks like Standard Chartered has had a little “oopsie” moment. Geoffrey Kendrick, the head honcho of digital assets at the bank, recently admitted that their oh-so-ambitious $120K Bitcoin forecast was a bit too modest. Yeah, that’s right – Bitcoin is now way past the $100K mark and still showing no signs of slowing down. Guess it’s time to apologize for underestimating the mighty BTC. 🙄

So, here’s what happened. Kendrick, in an email to clients (cue the formal tone), basically said: “Sorry, folks, looks like my $120K target for Bitcoin might be way off the mark.” Ya think? 😆

“I apologise that my USD120K Q2 target may be too low.”

Now, before you start laughing too hard, let’s backtrack. When Kendrick first made that prediction, Bitcoin was doing its usual rollercoaster thing, and they thought that some macroeconomic stuff and institutional investors would lift it to new heights. Flash forward to today, and—surprise!—Bitcoin’s price is flying higher than anyone expected. It’s like when you predict a rainy day, but then it turns into a full-blown thunderstorm. Oops.

And, surprise surprise, their prediction is looking laughable now. They were hoping for a “fresh all-time high around $120,000” by mid-year, but Bitcoin’s surge is *a bit* beyond that. Talk about a market mood swing. 😬

But don’t worry, Kendrick’s updated forecast is much more in line with reality. Bitcoin’s meteoric rise, fueled by institutional investors and crypto ETFs (don’t worry, we’ll get to that), has made $120K look like a bargain. He’s now saying that BTC hitting new highs by the end of the year? Totally doable. #Blessed 🙌

“The dominant story for bitcoin has changed again. It was correlation to risk assets … It then became a way to position for strategic asset reallocation out of US assets. It is now all about flows. And flows are coming in many forms.”

In other words: Forget everything you knew. Bitcoin’s not just a “risky asset.” Now, it’s all about those sweet, sweet cash flows, baby. 💸 Kendrick also points to a huge $5.3 billion in net inflows into U.S. Bitcoin ETFs over the past three weeks. That’s a lot of cash, and it’s only getting started. And don’t even get him started on Microstrategy and Abu Dhabi’s sovereign wealth fund hopping on the Bitcoin bandwagon. If Bitcoin were a party, it’d be the hottest ticket in town right now. 🎉

So, yeah. Standard Chartered’s apology is in order. But we’re all in for a ride—let’s see just how high this thing can go. 🤷‍♂️

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2025-05-11 04:09