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Such a jump in price could encourage miners to stockpile more, according to the bank. Back in April, Standard Chartered published a forecast for bitcoin at the end of 2024.. At the time, the bank reckoned that bitcoin would rise to $100,000, which would put an end to cryptozyme.
One of the leading currency analysts of the bank Geoff Kendrick (Geoff Kendrick) believes that the cryptocurrency has twenty percent growth potential;
“Increased profitability for miners means they can sell less while maintaining cash inflows. By doing so, they will decrease the net supply of BTC and increase the value of BTC,” Kendrick explained in the report.
Matrixport is also optimistic about BTC – they believe the leading cryptocurrency will grow to $125,000 by the end of 2024. Arthur Hayes, former CEO of cryptocurrency derivatives exchange BitMEX and current Maelstrom family office manager, believes bitcoin’s unique features are ideal for artificial intelligence systems and predicts VTC to grow to $760,000 in the next couple of years.