According to Standard Chartered, Bitcoin (BTC) is expected to hit $50,000 this year and hit an all-time high in 2024.
In a report cited by media outlets including Reuters on July 10, the banking giant officially announced a BTC price rally.
Standard Chartered vs. BTC Price 2023: From $5,000 to $50,000
The mainstream narrative surrounding the largest cryptocurrency is rapidly changing as the United States undergoes profound changes in the institutional approach to Bitcoin.
Standard Chartered, which just last year forecast BTC’s price to drop as low as $5,000, now expects it to end the year 10 times higher.
BTC/USD is likely to hit $50,000 in 2023, the report by global research leader and chief strategist Geoff Kendrick predicts.
After that, Bitcoin is likely to climb to $120,000 by the end of next year.
Kendrick believes supply dynamics are the reason. As miners devote more and more resources to maintaining the network, they also sell less BTC, creating a supply/demand imbalance that will benefit the bulls.
“Higher miner profitability per BTC (bitcoin) mined means they can sell less while maintaining cash inflow, reducing net BTC supply and driving BTC prices higher,” the report reads.
Standard Chartered is already active in crypto, and its crypto custody platform Zodia raised $36 million in a Series A funding round in April.
A sign of the pro-Bitcoin times
A major bank predicting a bright future for BTC prices is just one example of what one analyst recently dubbed the “BlackRock Effect.”
Related: ETF Approval Could Boost Bitcoin’s Liquidity, But It Won’t Turn Around – JPMorgan
BlackRock’s repeated attempt by several major asset managers to apply for a spot bitcoin exchange-traded fund has sparked a reversal in the way mainstream media deals with bitcoin.
According to Arthur Hayes, the former CEO of the BitMEX exchange, the steadfast pace of global technological improvements will propel BTC itself higher.
Artificial intelligence is high on the radar, and Hayes anticipates that it will choose Bitcoin as its currency of choice because of its unique properties.
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This article does not contain any investment advice or recommendations. Every investment and trading activity involves risk and readers should do their own research in making their decision.
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