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Standard Chartered has just predicted that $BTC will hit $100,000.

šŸ‚This isnā€™t a bull thread.

šŸ”¬Itā€™s a thread on finding bias, understanding motive - and why you should always be cautious of price speculation.
šŸ§µChapters

1ļøāƒ£Standard Charteredā€™s Prediction
2ļøāƒ£Rationale
3ļøāƒ£Standard Charteredā€™s Motivation
4ļøāƒ£Market Manipulation & Whale Games
5ļøāƒ£Conclusions
1.

On Monday 24th April, Standard Chartered announced a bold prediction for BTC.

The bankā€™s chief of digital assets, Geoff Kendrick, wrote that the ā€˜pathway 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 itā€™s also a bold prediction from a major bank.

So, whatā€™s the rationale?
2.

šŸ‡ŖšŸ‡ŗThe EU has just backed MiCA, the first set of regulations for crypto assets
šŸ¤‘ The bitcoin halving in April 2024
šŸ¦Recent issues with the banking system (especially around Silicon Valley Bank) lending credence to BTC as a store of value and ā€˜branded safe havenā€™
You can see my detailed thread on MiCA here:

Standard Chartered's prediction would see bitcoinā€™s 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.
3.

However, Standard Charteredā€™s 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.
šŸ’µThat means you can now custody BTC through a Standard Chartered subsidiary.

āš ļøSo, whilst there may be a solid rationale behind the prediction, thereā€™s 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.
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.
šŸ³This of course plays into the broader whale games that weā€™re all too aware of.

Whilst watching whale and influencer wallets through tools like @nansen_ai or @ArkhamIntel can lead to huge gains, itā€™s also all too easy for big players to shift the market in their favour.
5.

šŸ“°My intention with this thread was to reiterate the importance of thoroughly researching any release, news, or development within the space.

šŸ§‘ā€šŸ”¬There are always multiple factors at play, and the more you push yourself to research them, the more safely you can invest.
ā¤ļøā€šŸ”„As always, if you enjoyed the thread, please like, re-tweet and share ā¤ļøā€šŸ”„
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
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