Standard Chartered, a multinational banking and financial services company, has predicted that the price of Bitcoin (BTC) could reach $100,000 by the end of 2024. This bullish outlook was shared by Geoff Kendrick, head of Asian currencies and rates strategy at Standard Chartered, during an interview with CNBC.
According to Kendrick, the current market conditions, including the growing adoption of Bitcoin by mainstream institutions, could lead to a significant surge in the price of the cryptocurrency in the coming years. He also pointed to the fact that Bitcoin has become a more mature asset with greater stability and liquidity, making it a more attractive investment for institutional investors.
Kendrick’s prediction is in line with other recent projections by industry experts, including Ark Invest CEO Cathie Wood, who has stated that she believes the price of Bitcoin could reach $500,000 within the next five years.
Despite this positive outlook, Kendrick also warned that the cryptocurrency market remains highly volatile and unpredictable, with significant fluctuations in price possible in both directions. He advised investors to approach the market with caution and to carefully consider their risk tolerance before investing in cryptocurrencies.
Standard Chartered has been actively exploring the potential of cryptocurrencies and blockchain technology in recent years. The bank recently launched a pilot project with a blockchain-based platform to facilitate cross-border payments between Hong Kong and the Philippines. The project aims to provide faster and more efficient payment processing for overseas workers who send money back to their families in the Philippines.
The bank has also been exploring the potential for central bank digital currencies (CBDCs), which are digital versions of traditional fiat currencies that are issued and backed by central banks. Standard Chartered has been involved in CBDC trials in several countries, including Singapore, Thailand, and China.
The prediction by Standard Chartered that Bitcoin could reach $100,000 by the end of 2024 is likely to generate further interest in the cryptocurrency market, particularly among institutional investors. However, as Kendrick noted, the market remains highly unpredictable, and investors should approach it with caution and a long-term perspective.