British multinational bank Standard Chartered has boosted its Bitcoin price forecast to $120,000 by the end of 2024—a 300% leap from where it is today.

In a report viewed by Reuters, the bank predicted Bitcoin’s rise will be driven largely by miners hoarding their coins and cutting off additions to Bitcoin’s circulating supply.

“Increased miner profitability per BTC (bitcoin) mined means they can sell less while maintaining cash inflows, reducing net BTC supply and pushing BTC prices higher,” wrote Geoff Kendrick, one of Standard Chartered’s top FX analysts, in the report.

Bitcoin is up 82% year to date, from $16,600 on January 1 to $30,280 at writing time. Since miners are rewarded with a fixed number of BTC (6.25) per block, such bullish price momentum has helped boost the industry’s revenue since the start of the year, reversing negative momentum amid declining revenue in 2022.

The opposite trend was visible in June of 2022, when BTC’s falling price forced major miners like Go to Source to See Full Article
Author: Andrew Throuvalas

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