Standard Chartered analysts predict bitcoin will fall to $ 5000 in 2023

Analysts at the financial conglomerate Standard Chartered have published their own forecast of the flagship cryptocurrency’s value for 2023. Standard Chartered believes that bitcoin could fall to $ 5000, which would cause a significant drop in other digital assets.

According to Eric Robertsen, Head of Research at Standard Chartered, cryptocurrency fraudsters will become even more active in 2023, and investor demand for Cryptocurrencies will start to fall due to cyberattacks on platforms and continued bankruptcies.

The difficulties of the cryptocurrency sector will benefit gold, which will reach $ 2250 per ounce, according to Standard Chartered. «Gold will benefit in the future from the problems in the crypto industry and the sharp drop in confidence in the cryptocurrency ecosystem,» said Nicholas Frappell, a representative of ABC Refinery.

It seems that analysts are divided on the future of bitcoin and gold. Morgan Creek Digital hedge fund manager Mark Yusko believes that bitcoin will eventually replace gold. The analyst also said that the flagship cryptocurrency’s rate will reach six figures, and China will become the home of the next global reserve currency. «There is only one money in the world: gold. Everything else is currency. Every central bank in the world owns precious metals. Some of them have less gold than before, as they have moved away from the gold standard and switched to the fiat standard,» the financial expert emphasized.