A leading international bank has predicted that Bitcoin could reach over three figures in the coming year as miners will reduce their BTC sales.
Standard Chartered, a leading international bank, has dropped a daring price projection for Bitcoin in its latest forecast. According to a report on Reuters, Bitcoin is expected to reach $50,000 in 2023 and $120,000 by the end of 2024, quoting Geoff Kendrick, a top financial analyst at Standard Chartered.
Kendrick had predicted a $100k for Bitcoin by the end of 2024; however, in his latest review, he argued that there is a 20% upside to that projection.
Bitcoin Miners to Cut Sale by 20-30%
According to Standard Chartered, the anticipated price increase is because miners who create 900 new Bitcoins every day worldwide will need to sell fewer of them to meet their expenditures.
Furthermore, Kendrick noted that Bitcoin miners just sold 100% of their brand-new coins. But if Bitcoin reaches $50,000, they would only sell 20 to 30% of the inventory. The financial expert further stated that the decrease in selling would mean miners previously selling 328,500 BTC would cut the sale to 65,700-98,550, resulting in a net supply drop of about 250,000 Bitcoins.
It is worth noting that the Bitcoin halving event, which will split miners’ rewards from 6.25 BTC to 3.125 BTC, will occur in 2024. This event will create scarcity in how new Bitcoin goes into circulation, causing the value of BTC to skyrocket, as observed in the halving event of 2012, 2016, and 2020.
Meanwhile, Standard Chartered’s $120k price prediction for Bitcoin aligns with the view of the renowned financial educator Robert Kiyosaki, who recently argued that Bitcoin would hit $120k next year.
However, Kiyosaki made this estimation using an entirely different indicator, particularly highlighting that the BRICS nations are on the verge of unveiling a gold-backed coin that will rival the US dollar.
August 22, 2023, in Johannesburg, South Africa, BRICS nations announce gold backed crypto. US $ will die. Trillions of US $ rush home. Inflation through the roof. Buy Gold,
Silver. Bitcoin to $120k next year.— Robert Kiyosaki (@theRealKiyosaki) July 11, 2023
The prominent author believes that the initiative from the BRICS nations will cause trillions of dollars to leave the US, causing inflation and making Bitcoin, gold, and silver more desirable.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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