Bitcoin Will Reach $100,000 In 2024: Stan Chart
By Manoj Dharra
The world’s largest cryptocurrency by market capitalizations Bitcoin (BTC) is expected to reach the USD 100,000 level by end-2024, Global Banker Standard Chartered said in a note, as it believes the much-touted ‘crypto winter’ is finally over.
Importantly, the recent banking-sector crisis, troubles faced by stablecoins has helped to re-establish BTC’s core use case as a decentralised, trustless and scarce digital asset, the bank noted.
Market participants believe that Bitcoin has benefited from its status as a branded safe haven, a perceived relative store of value and a means of remittance.
“Increased miner profitability and the end of the FOMC hiking cycle should provide the next leg higher,”
Over the longer term, the next BTC halving – a mechanism to cap supply whereby the reward for mining a new block is halved after every 210,000 blocks produced – is due in around April-May 2024.
“This should add a cyclical tailwind to the structural positives at play,” Standard Chartered added while highlighting factors such as steps on regulation and the creation of a spot ETF in the US
and Continued uptake of the Bitcoin Lightning Network/scaling solutions.
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