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Geoff Kendrick, the head of cryptocurrency research at Standard Chartered bank, insisted that the price of bitcoin (BTC) could quadruple by 2025. According to his perspective, this projection could be strengthened by pension and retirement funds in the United States.
"What we're seeing now in the U.S. is the 401(K) market, like pensions, going into bitcoin," he said. This comment comes a month after the approval of the currency's spot exchange-traded funds (ETFs) in the country.
401(k) plans, which are retirement/pension savings programs in the United States, have $6.9 trillion (USD) in assets. This sum is in the name of 70 million active participants and millions of former employees and retirees, according to data from the Investment Company Group (ICI).
Kendrick said he expects in total "around USD 50 billion to USD 100 billion in net inflows into spot bitcoin ETFs in 2024." So far, these instruments have attracted almost USD 5,000 million since their launch.