Bitcoin could reach $50,000 this year and $120,000 by the end of 2024 as crypto miners begin stockpiling the digital asset, according to Standard Chartered.
could reach $50,000 this year and $120,000 by the end of 2024 as crypto miners begin stockpiling the digital asset, according to analysts at Standard Chartered.
The British bank previously forecasted bitcoin would reach the $100,000 mark by the end of next year, but now Standard Chartered analyst Geoff Kendrick said there is a 20% "upside" to the original prediction. Representation of Bitcoin is seen with binary code displayed on a laptop screen in this illustration photo taken in Krakow, Poland on August 17, 2021.The rationale behind the price prediction is miners who are minting the 900 new bitcoins produced each day would soon need to sell less to manage overhead, the bank said.
Meanwhile, the number of bitcoin being mined in April and May 2024 will be set to halve due to an inbuilt supply and issuance mechanism that gradually limits supply to maintain its appeal.
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