Bitcoin bulls have had a good year so far. If the U.S. defaults on its debt, it could get even better, at least in terms of their Bitcoin investment.
That’s according to Geoff Kendrick, Standard Chartered’s head of digital assets research. He told Insider this week that a U.S. default—which he called a “low-probability, high-impact event”—could cause Bitcoin to jump by about $20,000, an increase of nearly 70% from current levels.
Bitcoin started the year at well below $17,000 but is now hovering near $30,000. That’s still well off its all-time high of nearly $69,000 in November 2021, and some investors who bought Bitcoin around then are no doubt still licking their wounds.
Bitcoin, Kendrick predicted, would fare well even if overall cryptocurrencies, which trade more like stocks, did not. “So actually, the optimal trade would probably be long Bitcoin, short Ethereum. That sort of mix would probably be a good expression of this,” Kendrick told Insider.
On Monday, Kendrick said in a note Bitcoin could reach $100,000 by the end of 2024 and the…