Standard Chartered Bank predicts Bitcoin hitting $100,000

According to the international bank, Standard Chartered, Bitcoin is on track to hit $100,000 by the end of 2024.

Lasers on

Bitcoin could reach $100,000 by the end of 2024, Standard Chartered said on Monday, claiming that “crypto winter” is over.

Geoff Kendrick, a researcher at Standard Chartered, said, “Bitcoin could gain from factors including recent turmoil in the banking sector, a stabilization of risk assets as the U.S. Federal Reserve ends its rate-hiking cycle and improved profitability of crypto mining.”

Over the past year, miners have been forced to sell a lot of BTC due to the drop in the hash price. This is the margin earned on Bitcoin mining. It has shrunk due to the drop in Bitcoin. In addition, the rise in electricity and hash rates has contributed to the problem.

As the value of Bitcoin rises, miners can afford to sell less BTC, which should decrease the downward pressure.

Bitcoin has also suffered from the rise in debt yields. Temporarily. Rates won’t stay high for long. Moreover, sooner or later, the Fed will come up with a way to finance increasing budget deficits. How else can we finance the ever-increasing budget deficits?

“While sources of uncertainty remain, we think the pathway to the USD 100,000 level is becoming clearer,” wrote Mr. Kendrick.

For comparison, a single BTC will be worth $500,000 when its market capitalization equals that of gold.