Standard Chartered (SC) has forecasted that Bitcoin (BTC) could reach 100,000 USD by the end of this year, buoyed by the U.S. Treasury’s expansion of its long-term bond buyback program.
According to international media reports on Wednesday, Jeff Kendrick, SC’s Global Head of Digital Asset Research, advised investors in a report to prepare for the possibility of Bitcoin surging to 100,000 USD by year-end.
The U.S. Treasury recently announced plans to more than double its long-term bond buyback program from 2 billion USD to at least 4 billion USD.
This policy change is set to take effect on September 9. The Treasury is expected to provide further guidance on future bond purchases in November.
Kendrick characterized this announcement as the most favorable form of government intervention for Bitcoin, pointing out that the cryptocurrency has historically benefited from U.S. government liquidity measures.
The bullish outlook is further supported by Bitcoin’s limited supply and its relative resilience against currency devaluation.
As of 10:07 a.m. (Korean time) on Wednesday, CoinMarketCap data shows that the global price of Bitcoin has surged 7.62% to 69,344 USD.
This marks the first time Bitcoin has breached the 69,000 USD threshold in two months, last seen in June.