- 1. Standard Chartered Bank predicts Bitcoin to surge to $100,000 by 2024; the continual dominance of Bitcoin fuels this projection.
- 2. Bitcoin miners' increased accumulation affects Bitcoin's projected value, supported by data from reliable cryptocurrency data analytics platforms.
- 3. Approval of Bitcoin spot ETFs in the U.S. has potentially significant implications for Bitcoin's value forecast.
Bitcoin, for the last decade, has progressed from being a barely recognized virtual currency experiment into a formidable contender with the potential to challenge the established order. Respected international financial organization, Standard Chartered Bank, anticipates Bitcoin's value could peak at $100,000 per coin by 2024. This prognosis fundamentally stems from a pair of primary aspects of Bitcoin's steady progression: its sustained, unwavering growth and dominance within cryptocurrency markets, coupled with the continued trend among Bitcoin miners to hoard, rather than exchange, their minted currencies.
The interplay between supply and demand, a classic concept in economics theory, underpins the Bitcoin network's operation. Bitcoin miners verify network transactions and append these to the blockchain, serving as the cumulative register of all Bitcoin exchanges. For each verification, miners receive new Bitcoin, thereby adding to the total supply. This seemingly should lead to a price dip in response to the supply increase; nevertheless, notable data from reliable cryptocurrency analytic platforms indicates that miners are holding onto their newly minted Bitcoin, thereby tightening supply and potentially enhancing its valuation. This trend, based on the available data, is projected to last at least until 2024, placing steady upward pressure on Bitcoin prices.
Comments