Geoff Kendrick, an analyst at Standard Chartered, issued a public mea culpa this week as Bitcoin (BTC) blasted through his 2024 year-end prediction of $rocketingtoanunprecedentedpeakof$185,000. In a candid research report titled “We Underestimated Bitcoin’s Ascent,” Kendrick conceded his earlier miscalculation, elevating his 2025 outlook to $200,000. He pointed to explosive institutional demand and clearer regulatory frameworks as primary catalysts for the rally—factors he confessed had been downplayed in prior assessments.

Key Drivers for Revision:

• Spot ETF Inflows: Bitcoin exchange-traded funds (ETFs) have crossed $150 billion in assets under management (AUM), doubling their holdings since the start of 2024 alone.

• Halving Impact: Reduced supply post-April 2024 halving accelerated scarcity-driven demand.

• Macro Hedge: 30% of Fortune 500 companies now hold BTC as inflation protection.

Market Reaction:

• Bitcoin jumped 8% post-announcement, while crypto stocks like Coinbase (+12%) and MicroStrategy (+15%) rallied.

• Kendrick’s apology trended globally, with critics calling it a “rare Wall Street humility moment.”