[NEWS] UK Bank Predicts Bitcoin Could Hit $100,000 by End of 2024

In a report issued on the 24th, Standard Chartered Bank predicted that the "cryptocurrency winter" is over and that Bitcoin (BTC) prices could reach up to $100,000 by the end of 2024.

Geoff Kendrick, an analyst on Standard Chartered's cryptocurrency research team, said, "The collapse of Silicon Valley Bank and other mid-sized US financial institutions has strengthened our conviction that Bitcoin is a decentralized, trustless and scarce digital asset."

He continued, "The current stress in the traditional banking sector is greatly contributing to Bitcoin's outperformance, supporting Bitcoin's original premise of being a decentralized, trustless and scarce digital asset."

Given these factors, Bitcoin's dominance in the cryptocurrency market could rise to the 50% to 60% range in the coming months.

According to Kendrick, the risks posed by USDC and other US dollar stablecoins also seem to be a tailwind for Bitcoin.

It was discovered that USDC had a portion of its reserves deposited in the bankrupt Silicon Valley Bank. Of the approximately $43 billion in reserves, $8.7 billion was deposited in Silicon Valley Bank as of the end of January. Since the reserves scandal, the price of USDC has been unstable, with the price deviating from $1 at one point.

Kendrick said that such uncertainty "helped re-establish the use of Bitcoin as a decentralized and scarce digital asset," and that "against this backdrop, Bitcoin has benefited as a branded safe haven, a store of value, and a means of remittance."

The stabilization of risk assets and speculation that the Federal Reserve will ease monetary tightening "means that the path to $100,000 is becoming clearer."

They also say that the Bitcoin halving expected to occur in 2024 is also a factor that will lead to price increases.

Source:CNBC
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