By Landon Manning
Standard Chartered, one of the largest banks in the United Kingdom, has made ripples in the financial world by predicting that the bitcoin price could reach $50,000 by the end of the year, and $120,000 by the end of 2024.
Standard Chartered serves a multinational base of individual and corporate clients from its headquarters in London and although it does not conduct retail banking in the U.K., its multibillion dollar operations in Asia, Africa and the Middle East make it one of the most influential financial firms in the world.
And this prominent role in the global financial system is what makes it particularly interesting that Standard Chartered made such a bullish prediction for bitcoin earlier this month. Citing recent market activity and subsequent impacts on miners, a report published by the bank suggested that bitcoin is now set for a meteoric rise, bringing its price up to $120,000 by the end of next year.
Standard Chartered’s optimistic outlook is being bolstered by Bitcoin’s hash rate, the amount of computing power being applied to secure the network by miners and an indicator of the network’s strength, which recently hit an all-time high. This latest prediction upped the bank’s previous call that the bitcoin price would reach $100,000 in 2024, an increase motivated by a more optimistic outlook for miner profitability.
“Increased miner profitability per BTC (bitcoin) mined means they can sell less while…
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