The value of top cryptocurrency bitcoin could reach $50,000 this year and $120,000 by the end of 2024 Standard Chartered said on Monday, predicting the recent jump in its price could encourage bitcoin 'miners' to hoard more of the supply.
A representation of cryptocurrency Bitcoin is placed on a PC motherboard, in this illustration taken June 16, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
"Increased miner profitability per BTC mined means they can sell less while maintaining cash inflows, reducing net BTC supply and pushing BTC prices higher," Kendrick said in a report. Standard Chartered said the rationale for its predicted price rise was that miners who mint the 900 new bitcoins produced each day around the world would soon need to sell fewer to cover their costs - mostly electricity to power super-computers.
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