Crypto & Blockchain Daily Brief Tuesday, March 19, 2024

A report by Standard Chartered predicts that the price of Bitcoin could reach $150,000 by 2024. The report states that Bitcoin's price could potentially surge due to increased adoption and acceptance. The bank's strategists believe that Bitcoin could become a mainstream asset class and see its price increase significantly in the coming years. The report highlights several factors that could drive this price surge. One key factor is the increasing interest in Bitcoin as a store of value, particularly in countries facing economic instability. Additionally, the report mentions the growing acceptance of Bitcoin by institutional investors and the broader financial industry. The entry of major payment companies like PayPal and Square into the cryptocurrency market is also seen as a positive development that could boost Bitcoin's price. Standard Chartered's analysts point to Bitcoin's limited supply as a key driver of its potential price increase. With a maximum supply cap of 21 million coins, Bitcoin's scarcity could drive up its value as demand grows. The report suggests that Bitcoin could become a viable alternative to traditional currencies and assets, especially in regions where financial systems are less stable. Despite the optimistic price forecast, the report also acknowledges the risks associated with investing in Bitcoin, including regulatory challenges and market volatility. However, Standard Chartered's analysts believe that the long-term potential of Bitcoin as a digital asset and store of value could outweigh these risks, leading to a significant price appreciation in the years ahead.