Standard Chartered bets on $50k bitcoin in 2023

The bank engaged in new optimistic predictions on Bitcoin. For Standard Charteredon course of the first crypto of the market could reach 50,000 dollars in 2023 and 120,000 dollars next year.

Springtime, Standard Chartered hypothesized a Bitcoin to $100,000 by 2024.

The British financial institution has just revised its forecasts upwards and now estimates that the price of the digital part could reach 120,000 dollars from here end of 2024reported Reuters on Monday.

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The rise would be supported in particular by the fact that miners are more inclined to keep tokens rather than sell them.

The increase in miners’ profitability per BTC extracted means they can sell less while maintaining cash inflows, reducing the net supply of BTC and driving up the price,” said a bank analyst.

Shorter-term, Standard Chartered believes that the value of Bitcoin should continue to rise and exceed 50,000 this year. A level not seen since December 2021.

In 2023, the BTC price has already risen by over 80% to around $30,000. The London-based institution reported in April that crypto winter seemed to be “finally” over.

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Standard Chartered is the owner of a startup specializing in the crypto custody and named Zodia Custody. The latter has recently partnered with CoinShares and LMAX to offer a suite of “institutional-grade” products.

The price of BTC is trading this Monday around $30,200, down 0.3% over 24 hours, at the time of publishing this article.

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