Standard Chartered Bank analyst: Middle East geopolitical risks could push Bitcoin prices below $60,000 by the end of the week

Geoff Kendrick, head of global digital asset research at Standard Chartered Bank, recently pointed out that geopolitical risks in the Middle East could push Bitcoin prices below $60,000 by the end of this week, but he believes this provides investors with an opportunity to buy. Kendrick emphasized that Bitcoin has not shown safe-haven properties in geopolitical tensions. Compared with gold as a geopolitical hedge, Bitcoin is more of a hedge against traditional financial issues, such as bank collapses or de-dollarization. Kendrick also mentioned that Bitcoin's call option positions have increased significantly, with open interest in options expiring on December 27 with an exercise price of $80,000 increasing by 1,300 bitcoins in the past two days. He believes that Trump's increased chances of winning the US election may be beneficial to Bitcoin's long-term prospects. (TheBlock)