Standard Chartered's Head of Digital Assets: Some Options Traders Betting Bitcoin Will Hit $100,000 by Year's End or Caused by Harris' Pro-Crypto Remarks

Geoff Kendrick, Global Head of Digital Asset Research at Standard Chartered, is reported to have said that since the Federal Reserve cut the federal funds rate last week, the cost of long-term borrowing has been relatively higher than short-term borrowing for U.S. Treasuries, which is generally indicative of optimism about future economic growth and helps to create a favourable environment for investments, including Bitcoin.

Geoff Kendrick also noted that conditions in the derivatives market similarly support his optimistic view of Bitcoin. This week, he observed a number of new bitcoin calls in the options market that were built primarily around the $100,000 strike price. This suggests that other factors are influencing the decisions of derivatives traders. From a temporal perspective, the most likely new factor is the comments made by Vice President Harris on Sunday, 22 September, when she made her first statement announcing that she would encourage cryptocurrency business.