Standard Chartered sees Bitcoin at $100,000

According to the international bank Standard Chartered, bitcoin is on its way to $100,000 by the end of 2024.

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Bitcoin could hit $100,000 by the end of 2024, Standard Chartered said on Monday, saying the “crypto winter” is over.

“Bitcoin could benefit from factors such as turmoil in the banking sector, the Fed stopping raising rates, and better profitability on the side of Bitcoin miners”To declared Geoff Kendrick, researcher at Standard Chartered.

Indeed, miners have been forced to sell a lot of BTC over the past year. IN question, the drop in the hashprice. That is to say the margin made on the mining of bitcoin. This one melted because of the fall of the bitcoin. Not to mention the rise in electricity and hashrate prices.

As the value of bitcoin goes up, miners will be able to afford to sell less BTC. This should reduce the downside pressure by as much.

Bitcoin also suffered from rising debt yields. Temporarily. Rates won’t stay that high for long. Also, sooner or later, the Fed will pull out its printing press. How else can the budget deficits which continue to increase be financed?

“Although sources of uncertainty remain, we believe the path to the USD 100,000 level is becoming clearer”writes Mr. Kendrick.

For comparison, a single bitcoin will be worth $500,000 when its market capitalization reaches that of gold.

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