In a revealing interview, Geoff Kendrick, head of crypto research at Standard Chartered Bank, outlines a compelling case for Bitcoin’s resurgence amid growing instability in traditional finance. With banks faltering and investor trust wavering, Bitcoin is once again stepping into the spotlight—not just as a speculative asset, but as a credible store of value. This first installment of a three-part series dives into Kendrick’s bold prediction: Bitcoin could reach $100,000 by the end of 2024.
The Return of “Digital Gold”
When Bitcoin was introduced in 2008 by the pseudonymous Satoshi Nakamoto, it emerged in the aftermath of a global financial crisis. Today, history appears to be repeating itself.
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Kendrick emphasizes that Bitcoin’s core value proposition—a trustless, peer-to-peer digital currency—resonates most strongly during periods of financial instability. The collapse of Silicon Valley Bank (SVB), the forced merger of Credit Suisse into UBS, and ongoing concerns about banking sector resilience have reignited demand for alternatives outside the traditional financial system.
“Bitcoin has started rising again on the back of concerns in the banking sector,” Kendrick explains. “Its use case is directly tied to issues in TradFi—something that will continue to drive investor confidence.”
This renewed relevance positions Bitcoin as more than just a tech-driven experiment. It's increasingly being viewed as digital gold—a hedge against systemic risk, inflation, and currency devaluation.
Bitcoin vs. Gold: Parallels and Potential
Over the past six months, Bitcoin has shown a growing correlation with gold prices. Both assets have risen in tandem as investors seek safe havens amid economic uncertainty. But there’s a critical difference: regulation.
Gold benefits from decades of institutional adoption, clear regulatory frameworks, and integration into mainstream portfolios. Bitcoin, while gaining traction, still operates in a largely unregulated environment—especially when it comes to custody, taxation, and market oversight.
Kendrick believes that once regulatory clarity improves, institutional capital currently parked in gold will begin flowing into Bitcoin. This shift could trigger a powerful feedback loop:
- Clearer regulations → increased institutional participation → reduced volatility → broader adoption.
“This positive cycle,” he says, “can solidify Bitcoin’s role as a long-term store of value.”
A Roadmap to $100,000
Kendrick’s forecast isn’t based on hype—it’s built on a step-by-step analysis of macroeconomic trends and market dynamics.
Here’s how he sees Bitcoin’s price evolving through 2023 and into 2024:
- Pre-SVB Collapse (March 2023): Bitcoin traded around $20,000.
- Post-Banking Crisis Surge: Fears over traditional finance pushed Bitcoin to $30,000.
- Bitcoin Dominance Growth: As investors favor BTC over riskier altcoins, its market share rises—adding another $10,000** in value (→ **$40,000).
- Miner Selling Pressure Subsides: After years of liquidating holdings, miners stabilize their positions, reducing downward pressure—contributing an additional $10,000** (→ **$50,000).
- Fed Rate Hikes End: Once the U.S. Federal Reserve pauses interest rate increases, risk assets like tech stocks and crypto typically rebound. With Bitcoin closely correlated to Nasdaq performance, this could add another $10,000** by year-end (→ **$60,000).
From there, the path to $100,000 becomes increasingly plausible—especially with the next Bitcoin halving event scheduled for April 2024, which historically precedes major bull runs due to reduced supply issuance.
Bitcoin Dominance on the Rise
Currently, Bitcoin accounts for about 46% of the total cryptocurrency market cap—a figure that’s been steadily climbing from 40% earlier in the year.
Kendrick expects this trend to continue, with BTC dominance potentially reaching 55% to 60% by late 2024. Why?
- Investors are prioritizing liquidity and security during uncertain times.
- Altcoins often carry higher risk and lower adoption compared to Bitcoin.
- As institutional interest grows, capital flows first into the most recognized and trusted asset—Bitcoin.
“The desire for a liquid asset in the crypto space means Bitcoin’s dominance will probably increase,” Kendrick notes.
After the halving and a potential peak in dominance, altcoins may regain momentum in a broader market recovery. But for now, Bitcoin remains the anchor of the crypto ecosystem.
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FAQ: Your Questions Answered
Why is Bitcoin rising now?
Bitcoin is gaining strength due to renewed concerns about traditional banking stability, increased recognition as a hedge against systemic risk, and improving macroeconomic conditions such as an expected pause in Fed rate hikes.
What does “Bitcoin dominance” mean?
Bitcoin dominance refers to the percentage of the total cryptocurrency market capitalization held by Bitcoin. A rising dominance indicates that investors are favoring Bitcoin over alternative cryptocurrencies (altcoins), often during times of uncertainty.
How realistic is the $100,000 Bitcoin price target?
While no forecast is guaranteed, the $100,000 target is supported by historical patterns (especially post-halving rallies), growing institutional interest, macroeconomic tailwinds, and increasing adoption as a digital store of value.
Could regulation hurt Bitcoin’s growth?
Short-term uncertainty around regulation can create volatility, but long-term clarity is expected to boost institutional adoption and reduce risk premiums—ultimately supporting higher valuations.
When is the next Bitcoin halving?
The next halving is expected in April 2024, approximately every four years. During this event, the block reward for miners is cut in half, reducing new supply and historically contributing to upward price pressure.
Is Bitcoin still a good investment in 2023?
Many analysts, including Kendrick, believe we’re entering a favorable phase for Bitcoin due to macro support, technical catalysts (like the halving), and renewed demand from both retail and institutional investors.
Looking Ahead: A New Chapter for Bitcoin
As traditional financial institutions face scrutiny and volatility, Bitcoin is reclaiming its narrative—not as a fringe technology, but as a resilient financial instrument. With core keywords like Bitcoin price prediction, digital gold, Bitcoin dominance, crypto market trends, halving event, institutional adoption, safe haven asset, and Fed rate impact shaping the conversation, the foundation for sustained growth appears strong.
Whether you're an investor, observer, or skeptic, one thing is clear: Bitcoin’s role in the global financial landscape is evolving—and gaining momentum.
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