Bitcoin, $ 120,000 by the end of 2024: Standard Chartered Bank | CoinDesk JAPAN | Coin Desk Japan

Bitcoin (BTC) could rise to $50,000 by the end of 2023 and $120,000 by the end of 2024, Standard Chartered Bank reported July 10. said in the report.

In April, the bank predicted that bitcoin would rise to $100,000, upping its forecast. In April, he cited multiple factors driving price increases, one of which he said was the crisis in the banking sector.

“We currently believe this forecast is too conservative and therefore believes the end-2024 target numbers are upside,” the report said.

Bitcoin has risen about 80% since the beginning of the year and is now near $30,100.

The report cites improved profitability of miners (mining operators) as one of the factors pushing up prices.

“The rationale here is that miners play an important role not only in maintaining the bitcoin ledger, but also in determining the net supply of newly issued bitcoins,” said FX and Geoff Kendrick, head of research for digital assets, wrote:

Improved miner profitability per bitcoin mined means miners are able to sell less bitcoin while maintaining cash income, reducing the net supply of bitcoin and thus pushing up the price. It is said that it will happen.

｜Translation: CoinDesk JAPAN
｜Editing: Takayuki Masuda
｜Image: Shutterstock
｜Original: Bitcoin Could Rise to $120K by End-2024: Standard Chartered