Key Points
- Standard Chartered, one of the world’s largest banking institutions, has predicted Bitcoin to hit $50K by the end of 2023 and $120K by the end of 2024
- The bank had initially published a $100K price tag forecast by the end of 2024, noting that “crypto winter” had ended.
- The development comes days after Hong Kong mentioned the bank when asking financial services providers to warm up to crypto.
Standard Chartered has expressed confidence that Bitcoin will soar in price in 2024. It expects the coin to hit $50K in 2023 and $120K in 2024. Its analysis expects miners to hold more of their supply and fewer coins to be available in the market.
$800 billion Standard Chartered predicts Bitcoin to hit the $120K price by 2025
According to Standard Chartered, Bitcoin will have a stronger market cycle going into 2024. The bank had initially expected the rice of the coin to hit $100K in 2024 but has changed its mind based on growing demand predicting it to hit $120K before 2025.
According to Standard Chartered’s analysis, the surge in bitcoin prices will come with increased hoarding of the coin from major investors and bitcoin miners. It added that the increased profitability for miners per Bitcoin would allow them to sell fewer coins to maintain a steady cash flow, thus making the coin prospects even better.
Hong Kong authorities had mentioned Standard Chartered in a Q2 2023 meeting where the authorities required the banks in its area of jurisdiction to warm up to crypto. At the time, Standard Chartered was not offering any crypto services in Hong Kong, but current developments that have convinced the bank that the coin is set to gain value continually may leave the door open.
Keep watching Fintech Express for more updates on this and other fintech-related developments.