BTC-at-100k-in-2024″>Standard Chartered’s Outlook for bitcoin‘s Future
Standard Chartered, a British multinational bank, has reiterated its prediction that the value of bitcoin will rise to $100,000 by 2024. This forecast is based on the recent surge in the cryptocurrency’s price, as it broke above $38,000 on Nov. 29.
BTC-growth-predicts-standard-chartered”>ETF Approvals to Drive bitcoin Growth Predicted by Standard Chartered
The bank believes that the approval of multiple U.S.-based spot exchange-traded funds (ETF) will be the catalyst for bitcoin‘s continued price growth. Standard Chartered’s global head of research and chief strategist, Geoff Kendrick, stated that they expect “more price upside to materialize before the halving than we previously did,” and that the introduction of U.S. spot ETFs has been earlier than anticipated.
He also suggested that there is a risk that bitcoin‘s value could reach $100,000 sooner than the bank’s original end-2024 prediction. Several traditional finance giants, such as BlackRock, Fidelity, and Franklin Templeton, have applied for their own spot bitcoin ETF with the U.S. Securities and Exchange Commission. This type of investment vehicle could open up crypto investing to a broader pool of investors.
bitcoin-halving-event-significant-increased-price-levels”>The Impact of bitcoin‘s Halving Event
Standard Chartered’s bullish prediction is also underpinned by the impending “halving” in bitcoin‘s timeline, an event that occurs roughly every four years. This event reduces block rewards for miners by 50%, potentially affecting the cryptocurrency’s supply and price. The bank initially made this prediction in April when it highlighted bitcoin‘s status as a safe haven, a store of value, and a means of remittance.
### News source: zycrypto.com