Crypto Winter Over, Bitcoin Could Reach $100,000 By 2024 End: Standard Chartered
Standard Chartered in a note on Monday said that the crypto winter is now over and bitcoin could reach USD 100,000 by end of 2024.
In the note, Standard Chartered analyst Geoff Kendrick said that the collapse of Silicon Valley Bank (SVB) and other mid-tier banks in the US has made a case for Bitcoin as “decentralised, trustless and scarce digital asset”.
“The current stress in the traditional banking sector is highly conducive to BTC outperformance – and validates the original premise for Bitcoin as a decentralised, trustless and scarce digital asset,” Kendrick said.
He emphasised that these advantages will help Bitcoin’s share of total digital assets market cap, which could move in 50-60 per cent range in next few months.
The struggles of Circle’s USD Coin and other stablecoins, which aim to achieve a 1-to-1 peg to the US dollar, has also benefited bitcoin, Kendrick mentioned.
On Tuesday, Bitcoin was trading at USD 27,335.40, down 0.65 per cent at 10.47 am IST. The cryptocurrency was trading at USD 27,539.90 at 12.30 am IST earlier in the day.
After sliding heavily in 2022, Bitcoin rallied over to USD 30,000 in April this year, registering a 10-month high.
