Bitcoin Expected to Hit the $200,000 Mark This Year

The past two weeks have been full of must-know events that will define the future of blockchain, cryptocurrency, and NFTs.

Welcome back to another interesting and eventful edition of Crypto NFT Today! The past two weeks have been full of must-know events that will surely define the future of blockchain, cryptocurrency, and NFTs.

With Bitcoin expected to hit the $200,000 mark by 2025, updates on Block’s Bitkey Bitcoin, and more, there’s lots of essential news you should know about. So, let’s dive in and see what’s happening!

Standard Chartered’s optimistic crypto analyst still predicts Bitcoin’s price could reach $500,000 during Donald Trump’s presidency, despite a recent selloff that pushed the cryptocurrency to a three-month low.

Geoffrey Kendrick, who leads digital assets research at Standard Chartered, told CNBC that he expects Bitcoin to hit $200,000 this year, with further gains in the years ahead.

“In the crypto ecosystem, what we really need are traditional financial players—like Standard Chartered, BlackRock, and others with ETFs—to step in,” Kendrick said during an interview on CNBC’s Squawk Box Europe on Thursday.

Later this year, Standard Chartered is also expecting the first Bitcoin exchange-traded funds to launch in the United States, which could further propel the cryptocurrency’s price upward.

As for the possibility of Bitcoin reaching $500,000 during Donald Trump’s presidency, which began in January 2017, Kendrick said that it depends on how long Trump remains in office.

“It will really depend on how long the Trump administration lasts, but I think we could potentially see Bitcoin reach $500,000 during that time,” he added.

The optimistic price target comes despite Bitcoin dropping to a three-month low this week as optimism over the cryptocurrency wanes. The price of Bitcoin has since recovered slightly, trading at around $88,000 on Thursday.

In November, Block’s Bitkey self-custody Bitcoin wallet introduced an inheritance feature that allows users to designate a beneficiary for their Bitcoin holdings, offering a simple solution for transferring the digital currency in the event of death. The feature is now officially available as of Wednesday.

"We're focused on making Bitkey accessible to everyone, regardless of technical expertise or physical abilities," said Steve Karsh, head of Bitkey.

Karsh noted that with other Bitcoin storage solutions, beneficiaries may need to provide significant legal documentation. Additionally, hardware wallets often require users to store seed phrases in ways that expose their Bitcoin to unnecessary risk.

"Bitkey offers a seamless and secure way to pass on Bitcoin to loved ones, ensuring their legacy lives on in the best possible manner," Karsh added.

The new inheritance feature is included in the latest version of the Bitkey app. To activate it, users can simply select "Add Beneficiary" in the app settings and enter the required information, such as the beneficiary's name, email address, and the amount of Bitcoin to be inherited.

Once the beneficiary is added, they will receive an email notification and can accept or decline the inheritance request. If the request is accepted, the beneficiary will receive the Bitkey hardware wallet and a unique seed phrase to access the inherited Bitcoin.

The Bitkey wallet also offers a mode for visually impaired users and is compatible with a screen reader. It is available for download on iOS and Android devices.

Bitcoin price fell below the $90,000 level on Wednesday as pressure from a selloff in equities and the crypto market's wait for its next catalyst continued.

The world’s leading cryptocurrency was last down 6% at $88,333.09, according to Coin Metrics. Earlier in the day, the price dropped to as low as $85,899.99, marking a three-month low.

The move lower also takes Bitcoin nearly 20% below the all-time high reached on the day of President Donald Trump’s inauguration.

The cryptocurrency has since recovered slightly, trading at around $88,000 on Thursday.

The recent selloff in the cryptocurrency market has been driven by several factors, including the macroeconomic environment, regulatory uncertainty, and a lack of new catalysts for the market.

However, the long-term outlook for Bitcoin remains positive, with many analysts expecting the price to continue to rise in the years to come.

The optimistic price target comes despite Bitcoin dropping to a three-month low this week as optimism over the cryptocurrency wanes.

Standard Chartered’s Geoffrey Kendrick predicts that the price of Bitcoin could yet reach $500,000 during Donald Trump’s presidency, despite a recent selloff that pushed the cryptocurrency to a three-month low.

Kendrick, who leads digital assets research at Standard Chartered, told CNBC that he expects Bitcoin to hit $200,000 by 2025