We got a new Standard Chartered Bitcoin forecast!
According to Reuters, in July 2023, Standard Chartered, a global banking, and financial services company, released a report in which they forecast that the price of Bitcoin could reach $120,000 by the end of 2024. This is a significant increase from their previous forecast of $100,000.
Bitcoin is a digital currency that was created in 2009. It is a decentralized currency, meaning that it is not subject to government or financial institution control. Bitcoin has been on a wild ride since its inception, with its price soaring to over $60,000 in 2021 before crashing back down to around $20,000 in 2022.
What was the Standard Chartered Bitcoin forecast?
The Standard Chartered Bitcoin forecast is based on the following factors:
- The increasing adoption of Bitcoin by institutional investors
- The limited supply of Bitcoin
- The increasing demand for Bitcoin as a store of value
As stated on Standard Chartered Bitcoin forecast, the increasing adoption of Bitcoin by institutional investors will drive up the price of the cryptocurrency. This is because institutional investors have deep pockets and are willing to pay a premium for Bitcoin.
The limited supply of Bitcoin is another factor that is likely to drive up the price of the cryptocurrency. There is a finite amount of Bitcoin that will ever be created, and as more people demand Bitcoin, the price will naturally go up.
Finally, Standard Chartered believes that the increasing demand for Bitcoin as a store of value will also drive up the price of the cryptocurrency. This is because Bitcoin is a decentralized currency that is not subject to government or financial institution control. This makes it an attractive option for people who are looking for a safe and secure way to store their wealth.
Who are Standard Chartered?
Standard Chartered is a global banking and financial services company headquartered in London, England. The company was founded in 1853 and has operations in over 70 countries.
Standard Chartered is one of the world’s largest banks by assets, with over $800 billion in assets under management.
Will Bitcoin supply increase in the near future?
The supply of Bitcoin is limited to 21 million coins. This means that the number of bitcoins that can be mined will eventually reach a maximum. However, the rate at which new bitcoins are mined is slowing down over time. This is because the difficulty of mining Bitcoin is increasing as more people compete to mine the cryptocurrency.
As a result, it is unlikely that the supply of Bitcoin will increase significantly in the near future. This is likely to keep the price of Bitcoin relatively high.
How profitable is mining Bitcoin per day?
The profitability of mining Bitcoin depends on a number of factors, including the cost of electricity, the price of Bitcoin, and the difficulty of mining. However, in general, mining Bitcoin can be a profitable activity.
According to a recent report by the Cambridge Centre for Alternative Finance, the average profit from mining Bitcoin per day is around $12,000. However, this profit can vary significantly depending on the factors mentioned above.
It is important to note that Bitcoin is a volatile asset, and its price could go down as well as up, so do not take this post as a piece of financial advice. If you wish to invest in crypto in near future, check out our writing titled ”How can you tell if a crypto company is trustworthy”.
Featured image credit: Photo by Dmitry Demidko on Unsplash.
