Thread
Standard Chartered has just predicted that $BTC will hit $100,000.
šThis isnāt a bull thread.
š¬Itās a thread on finding bias, understanding motive - and why you should always be cautious of price speculation.
šThis isnāt a bull thread.
š¬Itās a thread on finding bias, understanding motive - and why you should always be cautious of price speculation.
š§µChapters
1ļøā£Standard Charteredās Prediction
2ļøā£Rationale
3ļøā£Standard Charteredās Motivation
4ļøā£Market Manipulation & Whale Games
5ļøā£Conclusions
1ļøā£Standard Charteredās Prediction
2ļøā£Rationale
3ļøā£Standard Charteredās Motivation
4ļøā£Market Manipulation & Whale Games
5ļøā£Conclusions
1.
On Monday 24th April, Standard Chartered announced a bold prediction for BTC.
The bankās chief of digital assets, Geoff Kendrick, wrote that the āpathway to the $100,000 level is becoming clearer.ā $100,000 by the end of 2024.
On Monday 24th April, Standard Chartered announced a bold prediction for BTC.
The bankās chief of digital assets, Geoff Kendrick, wrote that the āpathway to the $100,000 level is becoming clearer.ā $100,000 by the end of 2024.
This prediction might seem well-timed, with the asset performing well recently - but itās also a bold prediction from a major bank.
So, whatās the rationale?
So, whatās the rationale?
2.
šŖšŗThe EU has just backed MiCA, the first set of regulations for crypto assets
š¤ The bitcoin halving in April 2024
š¦Recent issues with the banking system (especially around Silicon Valley Bank) lending credence to BTC as a store of value and ābranded safe havenā
šŖšŗThe EU has just backed MiCA, the first set of regulations for crypto assets
š¤ The bitcoin halving in April 2024
š¦Recent issues with the banking system (especially around Silicon Valley Bank) lending credence to BTC as a store of value and ābranded safe havenā
You can see my detailed thread on MiCA here:
Standard Chartered's prediction would see bitcoinās share of the total crypto market cap rise as high as 60%, with its current dominance around 47%.
This itself is a rise from just 40% at the time of the SVB crash.
This itself is a rise from just 40% at the time of the SVB crash.
3.
However, Standard Charteredās prediction has some notable underlying motivations.
On March 10th 2023, Zodia Custody Ltd. received registration as a virtual asset service provider in Europe, based in Luxembourg.
Zodia Custody is 100% owned by Standard Chartered.
However, Standard Charteredās prediction has some notable underlying motivations.
On March 10th 2023, Zodia Custody Ltd. received registration as a virtual asset service provider in Europe, based in Luxembourg.
Zodia Custody is 100% owned by Standard Chartered.
šµThat means you can now custody BTC through a Standard Chartered subsidiary.
ā ļøSo, whilst there may be a solid rationale behind the prediction, thereās also a clear incentive for this prediction - which has brought huge attention to both the asset itself, and Zodia.
ā ļøSo, whilst there may be a solid rationale behind the prediction, thereās also a clear incentive for this prediction - which has brought huge attention to both the asset itself, and Zodia.
4.
This should serve again to bring attention to the manner in which crypto in particular is susceptible to manipulation.
This should serve again to bring attention to the manner in which crypto in particular is susceptible to manipulation.
From a minor influencer shilling a token to a multinational bank releasing PR that directly benefits their own operations, you must look into the motivation for any price prediction or even advice.
š³This of course plays into the broader whale games that weāre all too aware of.
Whilst watching whale and influencer wallets through tools like @nansen_ai or @ArkhamIntel can lead to huge gains, itās also all too easy for big players to shift the market in their favour.
Whilst watching whale and influencer wallets through tools like @nansen_ai or @ArkhamIntel can lead to huge gains, itās also all too easy for big players to shift the market in their favour.
5.
š°My intention with this thread was to reiterate the importance of thoroughly researching any release, news, or development within the space.
š§āš¬There are always multiple factors at play, and the more you push yourself to research them, the more safely you can invest.
š°My intention with this thread was to reiterate the importance of thoroughly researching any release, news, or development within the space.
š§āš¬There are always multiple factors at play, and the more you push yourself to research them, the more safely you can invest.
ā¤ļøāš„As always, if you enjoyed the thread, please like, re-tweet and share ā¤ļøāš„
Tagging a select few m8s and V12 turbo brains as this is a shorter thread:
@waleswoosh @DeFiMinty @defi_mochi @Rana60229 @ghazzog @5zink @the_viiibe_v2 @SODENOSHIRA @xerocooleth @Raff_eth @ClemoneSergio @dubzyxbt
@waleswoosh @DeFiMinty @defi_mochi @Rana60229 @ghazzog @5zink @the_viiibe_v2 @SODENOSHIRA @xerocooleth @Raff_eth @ClemoneSergio @dubzyxbt
