Standard Chartered Disclosures
Bitcoin miners will accumulate BTC and increase prices in the process, resulting in BTC price reaching $50,000 this year.
Standard Chartered says it's on track to hit $50,000 this year and break all-time highs in 2024.
In a report cited by media outlets including Reuters on July 10, the banking giant went on record to announce the BTC price recovery.
Following seismic changes in the institutional approach to Bitcoin in the United States, the mainstream narrative around the largest cryptocurrency is rapidly changing.
Standard Chartered, which last year predicted that the BTC price would fall as low as $5,000, now believes it will end the year ten times higher.
Geoff Kendrick's Report
According to a report by global head of research and chief strategist Geoff Kendrick, BTC/USD should reach $50,000 in 2023.
After that, Bitcoin will rise to $120,000 by the end of next year.
Kendrick believes the reason for this lies in supply dynamics. As miners devote more and more resources to maintaining the network, they sell less BTC, creating a supply and demand imbalance that will tip the bulls.
“Increasing miner profitability per BTC (bitcoin) mined means they can sell less while maintaining cash inflows, reducing net BTC supply and driving BTC prices higher,” the report said.
Standard Chartered is already active in crypto, with crypto custody platform Zodia raising $36 million in a Series A funding round in April.
BlackRock Effect
BlackRock's move to file for a spot Bitcoin exchange-traded fund, which has been echoed by several major asset managers, has sparked a pushback on how the mainstream media treats Bitcoin.
According to Arthur Hayes, former CEO of BitMEX exchange, the unshakable course of technological developments around the world will in itself make BTC stand out.
Artificial intelligence is at the top of the radar, and Hayes believes it will choose Bitcoin as its currency of choice thanks to its unique features.