Leading financial institution Standard Chartered has made a bold prediction for Bitcoin’s price, forecasting that the cryptocurrency could surge to $50,000 by the end of this year and reach an impressive $120,000 by the conclusion of 2024.
The bank’s FX analyst, Geoff Kendrick, suggests that there is a 20% potential upward movement from their initial prediction of $100,000 for Bitcoin’s value by 2024.
Standard Chartered’s optimistic projection has the potential to stimulate Bitcoin miners, driving increased accumulation of the cryptocurrency’s supply.
The growing institutional interest in Bitcoin is evident, as investment giant BlackRock recently filed an application for a Bitcoin spot exchange-traded fund (ETF), signaling confidence in the digital asset.
However, the Securities and Exchange Commission (SEC) has been hesitant to approve Bitcoin ETFs not based on futures contracts due to concerns about market manipulation in the spot Bitcoin market.
To address regulatory concerns, BlackRock is working on an agreement with Nasdaq, the planned listing platform for the ETF. The agreement aims to establish “surveillance-sharing” of a Bitcoin trading platform, enhancing transparency and oversight.
In addition to BlackRock’s ETF endeavors, the launch of EDX Markets, a digital asset exchange catering to accredited investors, has further highlighted the growing interest in cryptocurrencies.
Supported by prominent entities such as Fidelity, Charles Schwab, and Citadel Securities, EDX Markets aims to provide a secure and regulated platform for digital asset trading.
Judith Faith has been writing about cryptocurrencies and blockchain technology for over five years. She is well versed in the industry and has an extensive network of industry contacts. She is also a frequent contributor to various cryptocurrency publications. With her vast knowledge and experience, she is able to provide insightful and valuable content to her readers. Judith is also an active investor in the cryptocurrency space and has a vested interest in the success of the industry.
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