Standard Chartered bets on $50,000 Bitcoin by 2023

·10/07/2023
·Laeti Marison (SatoshiBelle)

British bank Standard Chartered has issued some optimistic new predictions for Bitcoin. According to its estimates, the market-leading cryptocurrency could hit the $50,000 mark in 2023, and even reach $120,000 the following year.

In the spring, Standard Chartered had already envisaged a scenario where Bitcoin would reach $100,000 in 2024. However, the bank has now revised its forecasts upwards, based in particular on the fact that Bitcoin miners would be more inclined to keep their tokens rather than sell them.

The value of Bitcoin should continue to rise!

The increased profitability of miners, thanks to mined Bitcoins, means that they can sell less while maintaining a stable cash flow. This reduces the net supply of BTC on the market and drives up prices, explains a bank analyst.

In the shorter term, Standard Chartered expects the value of Bitcoin to continue to rise and exceed $50,000 as early as this year, a level not reached since December 2021.

By 2023, the BTC price had already risen by over 80% to around $30,000. In April, the London-based bank announced that the cryptocurrency winter was finally coming to an end.

Importantly, Standard Chartered owns Zodia Custody, a start-up specializing in cryptocurrency custody. Recently, Zodia Custody partnered with CoinShares and LMAX to offer a range of institutional-grade products.

At the time of writing, the price of BTC is hovering around $30,200, registering a 0.3% drop over the past 24 hours.

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Article written by: Laeti Marison (SatoshiBelle)

Laeti Marison, also known as SatoshiBelle, is a multifaceted professional with a passion for community management, content creation, and digital marketing. With a diverse background in various roles, Laeti has consistently demonstrated her expertise and dedication in the field. Recognizing her potential, Laeti then took on the responsibilities of a Project and Community Manager at Magna Numeris and Cartam from November 2018 to March 2021. In this role, she showcased her ability to successfully lead projects and foster strong relationships within the community. Currently, Laeti serves as an SEO content writer, Digital Marketing Manager, and co-founder at Trendingcrypto.news magazine, starting from February 2022 till now. Through her expertise in digital marketing and her passion for the crypto industry, she has contributed to the success of the magazine, ensuring its content remains relevant, engaging, and informative.