Standard Chartered Boosts Bitcoin Price Prediction
Good news for all you crypto enthusiasts out there! Standard Chartered, a banking giant based in London, has just upped its prediction for the price of bitcoin. Geoff Kendrick, the head of the bank’s crypto research team, believes that bitcoin could reach $50,000 by the end of this year and a whopping $120,000 by the end of 2024. That’s some serious growth potential!
Here are the key takeaways from Kendrick’s prediction:
- Kendrick initially predicted that bitcoin’s price could reach $100,000, but now he’s adjusted it to $50,000 for this year.
- He expects the price surge to encourage bitcoin miners to hold onto more of the cryptocurrency, reducing the overall supply.
- Currently, bitcoin miners sell 100% of their newly mined coins, but Kendrick projects that they will only sell 20%-30% if the price hits $50,000.
- This reduction in selling would result in a decrease in net BTC supply of around 250,000 bitcoins per year.
- Standard Chartered launched its own cryptocurrency exchange and brokerage service in June 2021, showing their confidence in the future of digital currencies.
So, what does this mean for you, dear reader? Well, if Kendrick’s predictions hold true, it could be a great time to invest in bitcoin. With the price expected to skyrocket, you could potentially see some significant returns in the coming years. Just make sure to do your research and consider the risks involved.
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