Bitcoin (BTC) has reached a new all-time high of $103,679, surpassing the $100,000 mark for the first time. According to Standard Chartered, institutional investors, not retail investors, played a significant role in reaching this milestone. The bank attributes the surge to the launch of the Bitcoin ETF, which led to a flood of institutional funds into the market. As a result, approximately 3% of the total supply of Bitcoins has been purchased by institutional investors in 2024 alone. BlackRock’s iShares Bitcoin Trust (IBIT) has already surpassed $50 billion in assets under management. Standard Chartered’s Geoff Kendrick, Global Head of Digital Assets Research, believes that the institutionalization of the industry is a key factor in Bitcoin’s growth, with the ETF inflows being a major driving force. The bank predicts that BTC could continue to soar as more institutional investors enter the market. Several analysts agree, foreseeing a parabolic rise from here. Investors who bought BTC at its dips are now sitting on significant profits.
Standard Chartered Confronts Monumental Investment Milestone as Bitcoin Hits $100,000
by newsworm | Dec 5, 2024 | Banking, Standard Chartered