0h30 ▪
2
min read ▪ with
According to the international bank Standard Chartered, bitcoin is on its way to $100,000 by the end of 2024.
Laser on
Bitcoin could hit $100,000 by the end of 2024, Standard Chartered said on Monday, saying the “crypto winter” is over.
“Bitcoin could benefit from factors like turmoil in the banking sector, the Fed stopping rate hikes, and better profitability on the part of Bitcoin miners”said Geoff Kendrick, a researcher at Standard Chartered.
In fact, miners have been forced to sell a lot of BTC over the past year. In question, the drop in hashprice. That is the margin made on bitcoin mining. This one melted down because of the fall of the bitcoin. Not to mention the rise in electricity prices and hashrate.
As the value of bitcoin goes up, miners will be able to sell less BTC. This should reduce the pressure below as much.
Bitcoin also suffered from rising debt yields. Temporarily. Rates won’t stay that high for long. Also, sooner or later, the Fed will pull out its printing press. How else can the budget deficits that continue to grow be financed?
“Although there are still sources of uncertainty, we believe that the path to the USD 100,000 level is becoming clearer”writes Mr. Kendrick.
By comparison, one bitcoin will be worth $500,000 when its market capitalization reaches that of gold.
Get a summary of the news in the world of cryptocurrencies by subscribing to our new service daily and weekly so you don’t miss any of the essential Cointribune!
Journalist reporting on the Bitcoin revolution. My papers deal with bitcoin through geopolitical, economic and libertarian prisms.
DENIAL
The views and opinions expressed in this article are the sole responsibility of the author, and should not be considered investment advice. Do your own research before making any investment decision.
