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Bitcoin could hit $100,000 by end-2024, Standard Chartered says
Global Banking & Finance Review®
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By Elizabeth Howcroft
LONDON (Reuters) – Top cryptocurrency bitcoin could reach $100,000 by the end of 2024, Standard Chartered said on Monday, saying that the so-called “crypto winter” is over.
Bitcoin could gain from factors including recent turmoil in the banking sector, a stabilisation of risk assets as the U.S. Federal Reserve ends its rate-hiking cycle and improved profitability of crypto mining, Standard Chartered’s head of digital assets research Geoff Kendrick said in a note.
“While sources of uncertainty remain, we think the pathway to the USD 100,000 level is becoming clearer,” Kendrick wrote.
Bitcoin has rallied so far this year, rising above $30,000 in April for the first time in ten months. It gains represent a partial recovery after trillions of dollars were wiped from the crypto sector in 2022, as central banks hiked interest rates and a string of crypto firms imploded.
Predictions of sky-high valuations have been commonplace during bitcoin’s past rallies. A Citi analyst said in November 2020 that bitcoin could climb as high as $318,000 by the end of 2022. It closed last year down about 65% at $16,500.
(Reporting by Elizabeth Howcroft; editing by Tom Wilson and Louise Heavens)
Bitcoin is a decentralized digital currency that allows for peer-to-peer transactions without the need for a central authority or intermediary.
Cryptocurrency is a type of digital or virtual currency that uses cryptography for security and operates on technology called blockchain.
Blockchain is a distributed ledger technology that records transactions across many computers in a way that the registered data cannot be altered retroactively.
Investment is the act of allocating resources, usually money, to generate income or profit over time.
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