Standard Chartered sees Bitcoin reaching $120,000 by 2024

Standard Chartered has predicted that the value of Bitcoin could reach $50,000 this year and $120,000 by the end of 2024.

Standard Chartered sees the recent jump in Bitcoin’s price encouraging bitcoin “miners” to hoard more of the supply.

The prediction comes as an update to Standard Chartered’s initial forecast of $100,000 end-2024.

Bitcoin’s price has jumped 80% since the start of the year but its current level of just over $30,200 is still less than half the $69,000 it peaked back in November 2021.

Standard Chartered’s rationale for its predicted price rise was that miners who mint the 900 new bitcoins produced each day around the world would soon need to sell fewer to cover their costs – mostly electricity to power super-computers.

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