A 250% Jump? Bitcoin Can Reach $100,000 By 2024, Predicts UK Banking Giant Standard Chartered

World¡¯s largest cryptocurrency Bitcoin, which has so far given a ray of optimism to crypto investors this year, could reach $100,000 by the end of 2024, UK banking giant Standard Chartered has predicted, mentioning that the so-called "crypto winter" is over.

Bitcoin To Jump 250% By Next Year?

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Bitcoin is currently at $27,322 (?22.38 lakh), implying that the world¡¯s biggest cryptocurrency would need a jump of more than 250% to hit the predicted $100,000 mark by next year. ($100,000 =?81.92 lakh)

Its gains represent a partial recovery of the cryptocurrency after trillions of dollars were wiped off from the crypto sector in 2022¡¯s bloodbath, as central banks hiked interest rates and multiple crypto firms went bankrupt, including FTX.

Also Read: Indian-origin Engineer At FTX Pleads Guilty To Fraud Charges In US

How Bitcoin Has Performed This Year

Bitcoin had hit the vital psychological mark $30,000 earlier in April for the first time in ten months, i.e. since June 2022. Currently sitting at the $27376.60 mark, Bitcoin is up 64% this year till date, but still over 32% down if the past one year is taken into the picture, which shows how deep the damage was in 2022 during the crypto market¡¯s bloodbath.

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As far as other cryptocurrencies are concerned, Elon Musk¡¯s dogecoin is up 11% this year till date, Ethereum and Cardano both are up more than 50% this year till date, Binance coin (BNB) and XRP Ripple are up 33% each this year till date, and Tether is marginally down 0.97% this year till date.

Bitcoin To Hit $1.5 Million By 2030?

Earlier this year, US-based ARK Investment Management and its CEO, Cathie Wood had forecasted that Bitcoin will eventually be worth $1.48 million by 2030. Even as per the company's ¡°bear case¡± scenario, Bitcoin¡¯s value is expected to rise to a record $258,500 by 2030, and in the ¡°base case¡± scenario, Bitcoin will grow to be worth $682,800.

The company and its CEO have continued to buy crypto and shares of crypto companies even during the sector¡¯s historic downturn over the past year. Cathie Wood was exceptionally upbeat about Bitcoin¡¯s chances, and had even predicted in 2021 that Bitcoin could hit $500,000 by 2026.

Also Read: Crypto Will Collapse One Day, Says Rakesh Jhunjhunwala

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