$BTC, which is up 80% year to date, could rise to $50,000 by the end of this year and $120,000 by end-2024, Standard Chartered Bank said in a research report on Monday. LedesmaLyllah reports.
"We now think this estimate is too conservative, and we therefore see upside to our end-2024 target," the report said.The report cites increased bitcoin miner profitability as one of the factors that will drive the price this time.
“The rationale here is that as well as maintaining the bitcoin ledger, miners play a key role in determining net supply of newly mined BTC,” wrote Geoff Kendrick, head of FX and digital assets research. Increased miner profitability per bitcoin mined means miners can sell less of their output while maintaining cash inflows, reducing net bitcoin supply and thus pushing the prices higher, according to the report.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin (BTC) May Hit $50,000 by Year’s End and $120,000 By 2025: Standard CharteredBitcoin expected to reach $120,000 by the end of 2024, per StandardChartered. $BTC
Read more »
Bitcoin supply shock will send BTC price to $120K — Standard CharteredWhat's in a price prediction? Standard Chartered swaps $5,000 for $50,000 when it comes to BTC in 2023.
Read more »
John Phillips: The 2024 presidential race could be very funFor the 2024 presidential election, American voters might be considering a deeply corrupt candidate known for his bizarre outbursts whose mental capacity is seriously in doubt.
Read more »
Conservatives release ads attacking liberal orthodoxy on culture war issues ahead of 2024 electionTwo conservative organizations late last week released separate hard-hitting ad campaigns tackling the issues of school choice and abortion.
Read more »
2024 Dacia Spring electric car revealedNew Dacia Spring has a range of up to 143 miles, and looks set to be the UK’s most affordable electric car. Here’s everything you need to know about it
Read more »