Bitcoin sinks further 70% in StanChart’s list of possible 2023 upsets

Bitcoin sinks further 70% in StanChart’s list of possible 2023 upsets

2 months ago

SINGAPORE: Speculators cleaving to the view that the crypto rout is mostly over are at risk of a rude awakening in 2023, according to Standard Chartered.

A further Bitcoin plunge of about 70% to US$5,000 next year is among the “surprise” scenarios that markets may be “under-pricing”, the bank’s global head of research Eric Robertsen wrote in a note on Sunday.

Demand could switch from Bitcoin as a digital version of gold to the real thing, spurring to a 30% rally in the yellow metal, Robertsen also said.

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