• Standard Chartered Bank predicts that bitcoin could reach $100K per coin by the end of 2024.
• The bank identified several factors contributing to the surge in the price of cryptocurrency, including recent banking sector turmoil and increased profitability of crypto mining.
• Other experts have expressed optimism regarding the outlook for bitcoin and other cryptocurrencies.
Standard Chartered Bank Predicts Bitcoin Could Reach $100K
Standard Chartered Bank has predicted that the price of bitcoin could reach $100,000 by the end of 2024. The global bank’s head of digital assets research, Geoff Kendrick, has identified several factors contributing to a potential surge in the price of cryptocurrency, including recent turmoil in the banking sector, a stabilization of risky assets as the U.S. Federal Reserve ends its cycle of interest rate hikes, and improved profitability for cryptocurrency mining.
Recent Turmoil In Banking Sector
The analyst wrote: “While sources of uncertainty remain, we think the pathway to the USD 100,000 level is becoming clearer.“ Recent developments in banking systems globally have been causing unrest among investors who are now increasingly turning to alternative investments such as cryptocurrencies as a safe haven asset class. This shift towards digital assets may prove beneficial for Bitcoin and its associated markets over time.
Other Experts‘ Optimism For Cryptocurrencies
At present, BTC is trading at around $27,464; however it has still seen gains this year with an increase of 65%. Other experts have also expressed optimism regarding bitcoin’s growth potential in 2020 and beyond – investment management firm Vaneck CEO believes „We are at the very beginnings of what could be a several-year cycle“ in gold and bitcoin while Bloomberg Intelligence’s commodity strategist noted that a supercycle may be happening in BTC. Rich Dad Poor Dad author Robert Kiyosaki even expects BTC to keep rising; predicting that it will hit $500K by 2025!
Enhanced Profitability Of Crypto Mining
Crypto mining is also becoming increasingly profitable due to new technologies being developed which reduce energy consumption whilst improving overall hashrate output – resulting in more efficient ways to mine cryptocurrencies like Bitcoin leading to higher rewards for miners too. This improved profitability should lead to further investment into crypto markets which should help boost prices over time too – aiding Bitcoin’s rise towards its predicted value goal next year as stated by Standard Chartered Bank!
In conclusion then; with multiple experts all predicting positive future growth prospects for Bitcoin alongside other external factors such as recent banking sector turmoil – it looks likely that we might just see BTC hitting its projected value target by 2024 according to Standard Charted Bank’s prediction!