End Of Crypto-Winter? Bitcoin to rally up, touch $100,000 by 2024, says Standard Chartered
FirstpostWith the crypto winter coming to an end, Standard Chartered seems to have taken a bullish position on Bitcoin, the oldest and the largest cryptocurrency there is. Bitcoin, the world’s most valuable cryptocurrency, has the potential to reach a record high of $100,000 next year, according to Standard Chartered, which claims the so-called ‘crypto winter’ is ended. Also read: European Parliament passes first set of thorough regulations for cryptocurrency “The current stress in the traditional banking sector is highly conducive to BTC outperformance…” CNBC obtained a memo from Standard Chartered analyst Geoff Kendrick. “Given these advantages, we think BTC’s share of total digital assets market cap could move into the 50-60 per cent range in the next few months,” he argued, adding: “While sources of uncertainty remain, we think the pathway to the USD 100,000 level is becoming clearer.” Following the recent instability in the stock market caused by the US financial crisis, some analysts believe Bitcoin may acquire increased appeal as a “safe haven” for investors. Also read: Canada cryptocurrency firms join forces to create major, fully regulated platform Bitcoin’s price has risen 65 per cent this year, surpassing $30,000 in April for the first time in 10 months.