Standard Chartered Bank has restated its previous projection that Bitcoin (BTC) will achieve a value of $100,000 by the end of 2024.
Standard Chartered Bank has restated its previous projection that Bitcoin (BTC) will achieve a value of $100,000 by the end of 2024. Geoff Kendrick and the team at the bank conveyed their confidence that the approval of various spot Bitcoin ETFs in the United States will serve as the next driving force behind the cryptocurrency's expansion, with these events expected to happen earlier than initially foreseen.
The bank anticipates that multiple spot ETFs for both BTC and ETH will likely be granted approval in the first quarter of 2024, thereby paving the way for heightened institutional investment. Furthermore, Standard Chartered emphasized the forthcoming Bitcoin "halving," an event that restricts the currency's supply and is predicted to occur in late April 2024, as an additional factor that could contribute to potential price increases.
Standard Chartered originally predicted BTC will hit $120,000 by end of next year, attributing Bitcoin's triumph to its status as a reputable safe haven asset. The bank maintains BTC's dominance, stating: “BTC’s dominance remains intact – its share of overall digital assets market cap has increased to 50% from 45% in April."