TL;DR
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Boring news: of late, Bitcoin has been relatively flat, hovering around $30k.
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Exciting news: a report was just published by Standard Chartered Bank that projects a (potential) $50k BTC by the end of 2023 and $120k by the end of 2024!
Full Story
Alright, time for our bi-weekly (ish) check in with Bitcoin…
We’re breaking this one into two parts, titled as follows:
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Honk-shoo-mimimi (the boring stuff 😴)
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Hopium (the exciting stuff 🫨)
Honk-shoo-mimimi (this is where we are right now).
Of late, the story of Bitcoin has gone a little something like this:
→ There was a whole bunch of excitement around a potential US based Bitcoin Exchange Traded Fund (ETF).
→ This kind of fund would likely see billions of dollars flow into Bitcoin. As a result, Bitcoin rocketed up from ~$26k to ~$31k.
→ But then, the Federal Reserve announced it’d be hiking interest rates again, and BTC fell back down to hold at around $30k.
Which is where we’re at today.
Now, time for your promised dose of hopium.
On Monday, a research report was published by Standard Chartered Bank…and get this:
It projected that Bitcoin could rise to $50,000 by the end of this year and up to $120,000 by the end of 2024!
What’re they basing this theory off?
Miner profitability. The thinking being:
Miners (the folks responsible for processing BTC transactions) are making more money from transaction fees than ever!
Which means they don’t have to sell as much Bitcoin to cover their running costs.
And the more Bitcoin they keep for themselves → the less BTC enters the open market → the more scarce it becomes → the higher the price climbs.
(That’s the idea at least).
Now, let’s light a candle and pray to the crypto gods that it’s proven true in time.
