Bitcoin will reach in 2024, according to Standard Chartered

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The value of the main cryptocurrency, bitcoin, could reach $50,000 this year and 120,000 at the end of 2024 , Standard Chartered (STAN.L) predicted this Monday. This represents an increase of 20% over the forecast they made last April, as explained in Reuters . One of the bank's top FX analysts, Geoff Kendrick, stated that " miners ' increased profitability per bitcoin mined means they can sell less while maintaining cash inflows, reducing the net supply of BTC and driving up prices." . What are artificial intelligence cryptocurrencies? The price of bitcoin is up 80% since the start of the year , but its current level of just over $30,200 is still less than half of the $69,000 it reached in November 2021.


Trillions of dollars will be wiped out of the cryptocurrency sector in 2022, they recall in the aforementioned news, when central banks raised rates and a number of cryptocurrency companies , such as the FTX exchange , imploded. However, this year's collapse Switzerland Phone Number List of several traditional-style banks has fueled the rally. Bitcoin miners will have to sell less to cover costs Standard Chartered said the justification for its planned price increase was that the miners who mint the 900 new bitcoins produced each day around the world will soon need to sell less to cover their costs, mainly electricity to power supercomputers.



Kendrick estimated that miners have recently been selling 100% of their new coins . However, if the price reaches $50,000, they would probably only sell 20-30%. "It's the equivalent of miners reducing the number of bitcoins they sell per day to just 180-270 from the current 900." What is bitcoin cash and why is it up 165% in 2 weeks? "Over a year, that would reduce miner sales from 328,500 to a range of 65,700 to 98,550, a reduction in the net BTC supply of approximately 250,000 bitcoins per year." Next April or May, the total amount of bitcoins that can be mined each day will also be halved, due to a built-in supply and issuance mechanism that gradually limits the supply to maintain its attractiveness.