Standard Chartered Predicts Bitcoin Boom: $100,000 in Sight!


Standard Chartered Predicts Bitcoin Boom: $100,000 in Sight!
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Standard Chartered, a major player in the global banking sector, has recently issued a research note projecting a promising future for Bitcoin. This forecast, stirring interest among investors and analysts alike, posits that Bitcoin could reach the landmark figure of $100,000 within a year, largely fueled by developments in exchange-traded funds (ETFs).

A Leap Towards Six Figures

The current trading price of Bitcoin, hovering around $37,713, is expected to experience a significant surge, according to Standard Chartered’s latest analysis. The bank’s optimism is grounded in the potential approval of Bitcoin spot price ETFs in the United States, which could trigger a near tripling of Bitcoin's value over the next 12 months.

Geoff Kenrick, the head of EM FX Research, West, and Crypto Research at Standard Chartered, emphasized the impact of these ETFs. “We now expect more price upside to materialize before the halving than we previously did, specifically via the earlier-than-expected introduction of US spot ETFs,” Kenrick stated.

This adjustment in expectations suggests that the $100,000 benchmark could be reached even before the end of 2024. This bullish outlook continues Standard Chartered’s streak of positive predictions regarding Bitcoin's growth trajectory.

Earlier in July, the bank had pinpointed the declining availability of Bitcoin's supply as a catalyst for future price increases. Back then, Kenrick had forecasted a rise to $50,000 by the end of 2023, a prediction that has since been surpassed by the current market trend.

Miners, Hash Rate, and Halving: Factors in Play

Kenrick also highlighted the role of Bitcoin miners in this upward price trajectory. With the increasing hash rate and the upcoming block subsidy halving – an event that will reduce the BTC earned per block by 50% – miners are expected to start hoarding more of their Bitcoin stocks.

“Increased miner profitability per BTC (Bitcoin) mined means they can sell less while maintaining cash inflows, reducing net BTC supply and pushing BTC prices higher,” Kenrick summarized. This anticipated decrease in Bitcoin's supply, coupled with the escalating demand, is likely to propel its value further.