Bitcoin's Future: Standard Chartered Sees $120K by 2024
Standard Chartered Bank, in its latest research report, has made a bold forecast for Bitcoin (BTC), the leading digital currency in terms of market value. The bank predicts that Bitcoin could escalate to $50,000 by the end of the current year, and a striking $120,000 by the close of 2024. This prediction comes as an upward revision from their previous estimate of $100,000, published in April.
Why Standard Chartered Bank's Bitcoin Forecast Changed
Previously, Standard Chartered saw the potential for Bitcoin to reach the $100,000 level, driven by a mix of factors including crises within the banking sector. However, the bank's most recent report reveals a shift in their prediction, deeming their previous estimates as 'too conservative'. The updated projection signals increased optimism about Bitcoin's value trajectory toward the end of 2024.
Bitcoin’s Impressive Performance and Its Future Price Drivers
Bitcoin has demonstrated robust performance, showing an 80% increase since the start of the year and currently trading around $30,100. The Standard Chartered report underlines improved Bitcoin miner profitability as a major factor that will propel the price. Geoff Kendrick, head of FX and digital assets research at the bank, explains that Bitcoin miners not only maintain the Bitcoin ledger but also significantly influence the net supply of newly minted BTC, thereby impacting its price.