Geoff Kendrick, global head of digital asset research at Standard Chartered Bank, recently noted that geopolitical risks in the Middle East could push Bitcoin prices below $60,000 by the end of the week, but he believes this presents a buying opportunity for investors. Kendrick emphasized that Bitcoin has not shown a safe-haven property in geopolitical tensions. Rather than gold acting as a geopolitical hedge, Bitcoin is more of a hedge against traditional financial problems, such as bank collapse or de-dollarization. Kendrick also mentioned that Bitcoin call option positions have increased significantly, with open interest in options expiring on December 27 with an $80,000 strike price increasing by 1,300 BTC 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)
