British multinational financial giant Standard Chartered is reportedly predicting a huge Bitcoin (BTC) price for next year, upping its last bullish forecast.
According to a new report from Reuters, Standard Chartered, which has $819 billion in assets, is predicting BTC will be worth $120,000 in 2024.
Says one of the bank’s top foreign exchange analysts, Geoff Kendrick,
“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…
It is the equivalent of miners reducing the amount of Bitcoins they sell per day to just 180-270 from 900 currently…
Over a year, that would reduce miner selling from 328,500 to a range of 65,700-98,550 – a reduction in net BTC supply of roughly 250,000 bitcoins a year.”
According to Standard Chartered, the projected increase in price is because miners creating 900 new coins daily will eventually need to sell less to cover their expenses, mainly electricity.
With BTC currently worth $30,273 at time of writing, a jump to $120,000 would represent a nearly 300% increase for the king crypto.
Standard Chartered’s timeline coincides with the Bitcoin halving, which is when the amount of BTC can be mined per block gets cut in half and is slated for April or May of 2024. Bitcoin halvings have historically lined up with bull markets, although there is debate over whether they will continue to influence the price in the future.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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