The value of Bitcoin can hit $100,000 by the end of 2024, according to Standard Chartered.
The British bank’s analysts claim that the collapse of Silicon Valley Bank and smaller US lenders validates BTC’s original premise as a scarce digital asset.
Geoff Kendrick, writing in a report entitled ‘Bitcoin – Pathway to the $100,000 level’, said: “We see potential for Bitcoin to reach the $100,000 level by end-2024, as we believe the much-touted ‘crypto winter’ is finally over.
“The current stress in the traditional banking sector is highly conducive to BTC outperformance – and validates the original premise for Bitcoin as a decentralised, trustless and scarce digital asset.
“Given these advantages, we think BTC’s share of total digital assets market cap could move into the 50-60% range in the next few months.”
It currently stands at around 45%.
Kendrick also believes that the woes of so-called stablecoins – created as a supposedly safe crypto store, maintaining a peg to, for example, the value of the US dollar – further proves the case for BTC as a trusted store of value.
USDC, one of the more trusted stablecoins, had exposure to Silicon Valley Bank through parent company Circle and lost its $1 peg, which it has since regained.
“The pathway to the $100,000 level is becoming clearer,” Kendrick said.
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Crypto prices
The overall market cap of the 23,600 coins is at $1.15 trillion at the time of writing (7am UK), a 0.9% decrease in the last 24 hours, with Bitcoin trading around $27,400.
For round-ups of recent cryptocurrency news developments, click here.
For valuations of the top 100 coins by market cap in US dollars, plus 24-hour price change, see below.