Bitcoin Expected to Reach $100,000 by End of 2024, According to Standard Chartered


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In its latest report, the United Kingdom-based banking and financial services company, Standard Chartered, declared the end of the "crypto winter" and revealed its 20-month predictions for Bitcoin. Notably, renowned crypto investor Palihapitiya decla

In its latest report, the United Kingdom-based banking and financial services company, Standard Chartered, declared the end of the "crypto winter" and revealed its 20-month predictions for Bitcoin. Notably, renowned crypto investor Palihapitiya declared "Crypto is dead in the U.S.," while Standard Chartered analysts anticipate Bitcoin to reach $100,000 by the end of 2024. As of the preparation of this news, Bitcoin was trading at $27,326. Can it indeed reach $100,000 in 20 months?

Standard Chartered Analyst Lists Advantages

According to Geoff Kendrick, an analyst at Standard Chartered, the collapse of Silicon Valley Bank (SVB) and other mid-tier U.S. lenders has strengthened Bitcoin's claim as a "decentralized, trustless, and scarce digital asset." In the report titled "Summit of $100,000," Kendrick stated, "We see the potential for Bitcoin (BTC) to reach $100,000 by the end of 2024, as we believe the highly publicized 'crypto winter' has finally come to an end."

Kendrick continued, citing the current stress in the traditional banking sector as highly favorable for Bitcoin's performance. He emphasized that Bitcoin's scarcity as a digital asset is being confirmed. Considering these advantages, Kendrick suggested that Bitcoin's market share in the total digital asset market value could increase from the current approximately 45% to the range of 50-60% in the coming months.

Varied Predictions and Palihapitiya's Stance

Standard Chartered is not the only entity predicting Bitcoin's rise to $100,000. Gemini's analysts and participants at a blockchain conference in Paris have also hinted at the possibility. Tim Draper, founder of Draper Associates, went further, suggesting $250,000. However, Chamath Palihapitiya, a strong believer in Bitcoin, expressed an interesting view, stating that U.S. officials have directed all their weapons at crypto, declaring that "crypto is dead in the U.S."

"Targeting Weapons" - Palihapitiya's Remark

Palihapitiya aimed his remarks at the Chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, who emphasized the need for crypto trading platforms to comply with strict U.S. securities laws. Palihapitiya believes that Gensler's focus on SVB's collapse is misplaced. Notably, Coinbase's CEO, Brian Armstrong, also threatened to relocate the company outside the U.S. if regulations don't improve.

"5 or 10 years... It will reach that figure someday"

Bitcoin reached its all-time high of $69,000 in November 2021, and Palihapitiya, CEO of Social Capital, reiterated his prediction from the beginning of 2021, stating, "Bitcoin will go from $39,000 to $100,000, then to $200,000." While acknowledging uncertainty about when, Palihapitiya remains confident: "5 years, 10 years. I don't know when, but it will happen."

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