Standard Chartered has revised its forecast for Bitcoin (BTC), predicting that the crypto could reach $50,000 by the end of 2023 and even surge to an impressive $120,000 by the conclusion of 2024.
This updated projection represents a 20% increase from the bank’s previous forecast of $100,000 by 2024.
Geoff Kendrick, an FX analyst at Standard Chartered, believes that the so-called “crypto winter” has come to an end, indicating a positive outlook for Bitcoin’s future.
The bank’s optimistic prediction could have a significant impact on Bitcoin miners, potentially motivating them to acquire a larger share of the cryptocurrency’s supply.
Institutional interest in Bitcoin has been on the rise, with investment giant BlackRock recently applying for a Bitcoin spot exchange-traded fund (ETF) with the U.S. regulators. This move, which occurred on June 15, resulted in more than $800 billion in assets being associated with Bitcoin.
However, the Securities and Exchange Commission (SEC) has consistently rejected proposals for Bitcoin ETFs that are not based on futures contracts.
The concern lies in potential market manipulation within the spot Bitcoin market. In an effort to address these concerns, BlackRock plans to establish an agreement with Nasdaq, the planned listing platform for the ETF.
This agreement is expected to involve the “surveillance-sharing” of a Bitcoin trading platform.
In addition to BlackRock’s ETF endeavors, the launch of EDX Markets, a digital asset exchange catering to accredited investors, has further underscored the growing interest in cryptocurrencies.
Backed by prominent entities such as Fidelity, Charles Schwab, and Citadel Securities, EDX Markets aims to provide a secure and regulated platform for trading digital assets.