Bitcoin may reach $100k by end of 2024 – Standard Chartered
People love Bitcoin and many are hoping and predicting that it will soon reach the dream mark of $100,000. Britain’s multinational banking giant joins the list. Reuters reported on April 24, saying that Standard Chartered predicted that Bitcoin could reach $100k by the end of 2024.
Bitcoin is on the run of dreams
According to Reuters, the British banking giant claimed that the crypto winter, which started around June 2022, is officially over. Geoff Kendrick, Standard Chartered’s head of digital asset research, said several factors could make the dream run possible.
Factors include the recent turmoil in the banking sector created by the collapse of a bunch of banks. Silvergate Bank filed for bankruptcy on March 8, Silicon Valley Bank came under FDIC receivership on March 10, and Signature Bank was shut down by regulators on March 12. Three major banks went out of business in just four days.
The stabilization of risk assets after the cycle of a rate hike by the Federal Reserve came to an end. They raised interest rates to curb inflation, a risk usually taken in more challenging economic times. But this also inadvertently makes crypto look like a good alternative.
Also the current scenario of crypto mining has become more profitable. The machines are now cheaper and the BTC price increases the reward. Kendrick says that despite the uncertainty in the market, the route for Bitcoin to reach $100k is now more transparent.
Since the start of 2023, the price of Bitcoin has risen about 88%, from $16,500 to nearly $31,000 for the first time in months. This rally also suggests a partial recovery of the industry from the events of 2022. It should be known that the sector suffered massively due to the implosion of FTX, Terraform Labs, Three Arrows Capital, etc.
During previous rallies, many optimistically predicted new highs for Bitcoin. For example, in November 2020, Citi Bank analysts suggested that BTC would reach $318,000 by the end of 2022. However, due to certain market conditions, it closed last year at around $16,500.
Others’ optimism about Bitcoin
In a tweet on April 21, Rich Dad Poor Dad author Robert Kiyosaki expresses his love for Bitcoin and expects it to reach $100k soon. Ark Invest’s Cathie Wood has been a BTC champion, claiming several times that the cryptocurrency will reach the dream mark by the end of 2030.
Recently, Democratic presidential candidate Robert F. Kennedy Jr. showed his support for Bitcoin, saying it could provide security during economic uncertainty. The crypto community rejoiced to have a presidential candidate’s support and hope for his victory.
At press time, Bitcoin was trading at $27,383.29 with a small drop of 1.28%, its value against Ethereum rose 0.61% to 14.99ETH. Market capitalization fell by 1.27% to $530 billion and trading volume increased by 21.65% to $16.7 billion in the last 24 hours.
Disclaimer
The views and opinions expressed by the author, or any person mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional money exchange systems. She is also fascinated by blockchain technology and its function.
