Standard Chartered: The Digital Gold Rout is not Over, Neither is the Bull Run Near

Estimated read time 2 min read
  • Eric Robertsen weighs a potential drop in the Bitcoin value correlated with a surge in physical Gold.
  • The tremors spreading from the FTX blowup threaten to topple more crypto companies and buffet token prices.

Standard Chartered’s global research head and chief strategist, Eric Robertson, has warned that the cryptocurrency bear market could continue in 2023. Robertson believes that investors will switch their attention to gold, which he expects to rise by 30% to the $2,250 mark per ounce. Meanwhile, he predicts that Bitcoin could drop by 70% from its recent value to $5,000 next year.

Robertson’s predictions are based on the recent collapse of several major cryptocurrency companies, including FTX and BlockFi. He believes that these collapses have shaken investor confidence in the cryptocurrency ecosystem and could lead to further selling pressure in the coming months.

Robertson’s predictions are not shared by everyone in the cryptocurrency community. Venture capitalist and blockchain investor Tim Draper believes that Bitcoin will hit $250,000 in the second quarter of 2023. Draper’s prediction is based on the shockwave the crypto industry has experienced from the FTX blowout.

It remains to be seen which forecast will be more accurate. However, Robertson’s predictions are certainly a reminder that the cryptocurrency market is still very volatile and that investors should proceed with caution.

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