Leading global financial powerhouse Standard Chartered Bank has projected that Bitcoin could reach $50 000 this year and $120 000 by the end of 2024. This was contained in a statement made today (Monday 10^th July by Standard Chartered. The Bank notes that this jump in its price could encourage bitcoin miners to hoard more of the supply.

Standard Chartered published a $100 000 end-2024 forecast for bitcoin back in April on the view the so-called “crypto winter” was over, but one the bank’s top FX analysts, Geoff Kendrick, said there was now 20% “upside” to that call.

“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,” Kendrick said in a report. 

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry