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Banks Make Bold Predictions on Bitcoin’s Future Value and Factors Affecting Its Growth
Standard Chartered, a bank, recently said that the value of bitcoin could increase to $100,000 by the end of 2024. This is because of factors that are happening in the financial world such as the U.S. central bank stopping its interest rate hikes and the value of cryptocurrency mining increasing. However, there are still some things that could cause uncertainty for bitcoin. The value of bitcoin was low for some time, but it has recently gone up to $30,000. This is a good sign, but there is still a lot of room for improvement from last year when many crypto companies went bankrupt.
It was often predicted that the value of bitcoin will skyrocket during times when its value goes up. For example, in November 2020, an analyst from Citi said that bitcoin could go up to $318,000 by the end of 2022. However, by the end of last year, its value had gone down by about 65% to $16,500. In a note on Monday, Standard Chartered said that bitcoin is considered a safe and reliable way to store value and send money. The bank also said that the European Parliament’s recent decision to regulate crypto asset markets could help bitcoin’s value increase even more.
JPMorgan recently said that a technical change to the bitcoin blockchain in April 2024, known as its “halving”, could make it more expensive to create and lead to an increase in its value. They also said that crypto enthusiasts see recent problems in the traditional banking sector as proof that cryptocurrency is a good alternative. According to JPMorgan, some supporters believe stablecoins, a type of cryptocurrency, are less likely to lose value quickly. However, regulators have warned banks to be cautious of cryptocurrency-related deposits, as they could be at risk of losing money quickly if there is a sudden outflow of funds.