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<p><strong>Leading financial institution Standard Chartered has made a bold prediction regarding Bitcoin’s future value.&nbsp;</strong></p> 
<h2 style="text-align: center;" id="bitcoin-s-value-forecast">Bitcoin’s Value Forecast</h2> 
<p>The bank suggests that Bitcoin (BTC) could experience a significant surge, reaching $50,000 within this year and soaring to an impressive $120,000 by the conclusion of 2024.<br> Standard Chartered had previously released a forecast of $100,000 for Bitcoin’s value by the end of 2024 in April. They declared that the “crypto winter” had come to an end. However, Geoff Kendrick, an esteemed FX analyst at the bank, now believes that the initial prediction could increase by 20%, indicating even greater prospects for Bitcoin’s future.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">BREAKING: $800 billion Standard Chartered Bank now forecasting $120,000 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> price by 2024 <a href="https://t.co/4oDzolG44p">pic.twitter.com/4oDzolG44p</a></p> 
 <p>— Bitcoin Magazine (@BitcoinMagazine) <a href="https://twitter.com/BitcoinMagazine/status/1678346677965447171?ref_src=twsrc%5Etfw">July 10, 2023</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<h2 style="text-align: center;" id="impact-on-bitcoin-miners">Impact on Bitcoin Miners</h2> 
<p>This optimistic projection has the potential to stimulate Bitcoin miners. It may encourage them to accumulate a larger portion of the cryptocurrency’s supply. Kendrick <a href="https://www.reuters.com/technology/standard-chartered-bumps-up-bitcoin-forecast-120000-2023-07-10/" target="_blank" rel="noopener">stated in a report</a> that increased profitability per BTC mined allows miners to sell less while maintaining cash inflows. This, in turn, reduces the net BTC supply and drives Bitcoin prices higher.</p> 
<h2 style="text-align: center;" id="institutional-interest-and-bitcoin-etfs">Institutional Interest and Bitcoin ETFs</h2> 
<p>Bitcoin has also witnessed a surge of institutional interest, <a href="https://walletinvestor.com/magazine/hsbc-hong-kong-allows-customers-to-trade-bitcoin-and-ether-etfs" target="_blank" rel="noopener">including</a> from Standard Chartered, due to investment giant BlackRock’s application for a Bitcoin spot exchange-traded fund (ETF) based on the popular cryptocurrency. However, the Securities and Exchange Commission (SEC) has consistently rejected proposals for Bitcoin ETFs not based on futures contracts, citing concerns about market manipulation in the spot Bitcoin market.</p> 
<h2 style="text-align: center;" id="addressing-regulatory-concerns">Addressing Regulatory Concerns</h2> 
<p>To alleviate these concerns, BlackRock plans to establish an agreement with Nasdaq, the proposed listing platform for the ETF. This agreement is expected to involve “surveillance-sharing” of a Bitcoin trading platform. By partnering with Nasdaq, BlackRock aims to address regulatory concerns and create a more secure environment for Bitcoin ETFs.</p> 
<h2 style="text-align: center;" id="launch-of-edx-markets">Launch of EDX Markets</h2> 
<p>In addition to BlackRock’s ETF efforts, EDX Markets, a digital asset exchange catering to accredited investors, was launched this month. With backing from prominent entities such as Fidelity, Charles Schwab, and Citadel Securities, EDX Markets aims to provide a trusted platform for trading digital assets.</p> 
<h2 style="text-align: center;" id="conclusion">Conclusion</h2> 
<p>Standard Chartered’s prediction of Bitcoin reaching $50,000 by the end of 2023 reflects a positive outlook for the cryptocurrency. The bank’s forecast of increased value and institutional interest, combined with efforts to address regulatory concerns, indicates growing confidence in Bitcoin’s future prospects. As the cryptocurrency market continues to evolve, it will be interesting to see how these developments unfold.</p>

Standard Chartered Bank Predicts Bitcoin to Reach $50,000 by End of 2023

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