Standard Chartered predicts Bitcoin’s value could climb to $50,000 in 2023 and to $120,000 by 2024-end. This marks a 20% increase from the bank’s previous forecast in April. The bank’s top FX analyst, Geoff Kendrick, suggests that the recent surge in Bitcoin price would encourage miners to limit its supply and thus drive up the price. As Bitcoin’s value crosses the $50,000 mark, it’s expected that miners will sell just 20-30% of their new coins. Notably, the total number of Bitcoins mined each day is slated to halve next April or May due to an inbuilt supply and issuance mechanism.
Source: https://www.reuters.com
