(CTN News) – The Standard Chartered Bank has predicted that the value of Bitcoin – the top cryptocurrency – could surge up to $50,000 this Year and reach $120,000 by the end of 2024,
Because of the upward trend in the price of bitcoins, the bank believes that the surge in the value of could lead to bitcoin miners hoarding more of the cryptocurrency.
As we know, Standard Chartered made a $100,000 prediction in April that the crypto winter era had come to an end, but one of their top FX analysts, Geoff Kendrick, has now informed us that this prediction is now 20% more likely to be accurate than initially anticipated, as he was one of the bank’s top FX analysts.
Kendrick, in a report he wrote a few months ago, stated that an increase in the profitability of miners means they will be able to sell less and still maintain cash flow, which will reduce net supply and make BTC prices rise.
It is stated on the website for the cryptocurrency that operates through peer-to-peer technology and without the involvement of a central authority or bank, according to its website.
There is a network that manages bitcoin transactions, and according to the website of the network, bitcoins are issued collectively by the network.
Listed on the website is the fact that is an open-source project; its design is publicly available, nobody owns or controls Bitcoin, and anyone has the right to participate in it.
It is because of the unique properties of that it has been possible to use it in a variety of exciting ways that were previously unachievable with any other payment system.”