Standard Chartered Bank on Bitcoin Hitting $100K
Global bank Standard Chartered Monday that “crypto winter” is over and the price of bitcoin could reach $100,000 by the end of 2024.
Standard Chartered’s head of digital assets research, Geoff Kendrick, explained in a note that bitcoin stands to benefit from various factors. They include the recent turmoil in the banking sector, a stabilization of risky assets as the U.S. Federal Reserve ends its cycle of interest rate hikes, and the enhanced profitability of cryptocurrency mining. The analyst wrote:
While sources of uncertainty remain, we think the pathway to the USD 100,000 level is becoming clearer.
A growing number of individuals and analysts have recently expressed optimism regarding the outlook for bitcoin and the overall cryptocurrency market. At the time of writing, is trading at $27,464, down from above $30K a week prior. However, the cryptocurrency is up 65% year-to-date.
In March, the CEO of investment management firm Vaneck said that “We are at the very beginnings of what could be a ” in gold and bitcoin while Bloomberg Intelligence’s commodity strategist stated that a may be happening in . In February, Pantera Capital said that we’re already in the for bitcoin. Rich Dad Poor Dad author Robert Kiyosaki expects to , predicting that the price of the largest crypto will reach .
What do you think about Standard Chartered’s bitcoin prediction? Do you think the price of bitcoin will reach $100K by the end of next year? Let us know in the comments section below.
Source: Bitcoin
