• Standard Chartered predicts Bitcoin could reach $100,000 by the end of 2024.
• The bank believes that the „crypto winter“ is over and cites the failure of Silicon Valley Bank as a positive for BTC’s outlook.
• Bitcoin is being seen as an attractive asset to invest in during times of economic uncertainty.
Standard Chartered Predicts Bitcoin Could Reach $100,000
Standard Chartered published a paper on Monday predicting that Bitcoin (BTC) could reach $100,000 by the end of 2024. According to analyst Geoff Kendrick, this optimistic forecast is due to multiple factors including the end of the “crypto winter” and the failure of Silicon Valley Bank and other mid-tier US institutions which has bolstered the case for Bitcoin as a decentralized, trustless, and scarce digital asset.
Growing Demand for Alternative Assets
Furthermore, with growing demand for alternative assets due to high inflation rates, many are now asking whether it’s time to buy Bitcoin and capitalize on its anticipated growth. Bitcoin proponents argue that due to its finite number of 21 million coins, its value should rise when demand increases as it is an attractive asset to diversify into during times of economic uncertainty.
Potential Impact on Bitcoin
The potential impacts mentioned earlier such as the end of “crypto winter” and increased demand for alternative assets could have a significant effect on Bitcoin’s value appreciation. This in turn could lead to increased interest, investment, and adoption of BTC further solidifying its position as the leading cryptocurrency with market share potentially rising up to 50-60%.
Conclusion
In conclusion, Standard Chartered’s bullish forecast indicates that it may be time for investors interested in capitalizing from BTC’s expected growth to buy into it before its value reaches $100,000 by late 2024. With multiple positive catalysts backing up this prediction such as the end of “Crypto Winter” or increased demand for alternative assets due to high inflation rates – investing in BTC may indeed prove beneficial in both short-term or long-term investments scenarios.
Disclaimer
This article does not constitute financial advice and any content written here should not be taken as such – please consult your financial advisor before making any investment decisions