'Bitcoin Hits the Dream $100,000... "Will Reach $200,000 Next Year"

Source

Korea Economic Daily

Summary

It was reported that $10 billion has flowed into Bitcoin ETFs, establishing them as major assets for institutional investors.
Bernstein and Standard Chartered Bank predict that Bitcoin will surpass $200,000 by the end of next year.
However, Mizuho Securities warned of the possibility of price adjustments due to profit-taking, urging a cautious approach.

$10 Billion Net Inflow into ETFs Over a Month

"Established as a Major Asset for Institutional Investors"

Bernstein, SC Predict Surpassing $200,000

Mizuho Securities Warns of Profit-Taking

Since the election victory of Donald Trump as the U.S. President-elect, the Bitcoin market has been heating up. Funds flowing into Bitcoin Exchange-Traded Funds (ETFs) have approached $10 billion (approximately 14.35 trillion KRW), and there are continuous predictions that Bitcoin will surpass $200,000 by the end of next year.

According to Bloomberg on the 9th (local time), about $9.9 billion has flowed into Bitcoin direct investment ETFs from 12 fund issuers, including BlackRock and Fidelity, since the election on the 5th of last month until today. The total assets of these funds amount to $113 billion (approximately 162.4 trillion KRW).

President-elect Trump has nominated Paul Atkins, a former SEC commissioner favorable to cryptocurrencies, as the next SEC chairman, and David Sacks, founder of Craft Ventures, as the 'AI and Cryptocurrency Czar' for the next administration. He has also expressed a positive stance on designating Bitcoin as a strategic reserve asset and stockpiling it. Thanks to such favorable news, Bitcoin surpassed $100,000 for the first time on the 5th, reaching $103,988.

Some market experts are optimistic about the possibility of Bitcoin nearly doubling. Gautam Chhugani, an analyst at Bernstein, predicted, "Bitcoin's price has surpassed a simple cyclical cycle," and expected "Bitcoin to surpass $200,000 by the end of next year." Jeff Kendrick, an analyst at Standard Chartered Bank, also stated, "Bitcoin could reach $125,000 before President-elect Trump's inauguration in January next year," and "it is possible to surpass $200,000 by the end of next year."

However, there is still a cautious view on the possibility of further Bitcoin price increases. Omori Shoki, a strategist at Mizuho Securities, predicted, "Profit-taking movements will appear," and "this rally will not last forever." Ray Attrill, an analyst at NAB, analyzed, "Bitcoin is inherently a speculative asset," and "it has currently grown excessively large."

Reporter Im Dayeon allopen@hankyung.com

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