• About Us
  • Contact
Wednesday, May 21, 2025
No Result
View All Result
NEWSLETTER
The Business Wiz
  • Home
  • Featured News
  • Economic
    • Currency
  • Investment
  • Markets
    • Stock Market
  • Sectors
    • Agriculture
    • Commodities
      • Markets
    • Construction
    • Energy
    • Financial Services
    • Information Technology
    • Infrastructure
    • Manufacturing
    • Markets
    • Mining
    • Real estate
    • Telecomunication
    • Tourism
    • Transportation
  • Home
  • Featured News
  • Economic
    • Currency
  • Investment
  • Markets
    • Stock Market
  • Sectors
    • Agriculture
    • Commodities
      • Markets
    • Construction
    • Energy
    • Financial Services
    • Information Technology
    • Infrastructure
    • Manufacturing
    • Markets
    • Mining
    • Real estate
    • Telecomunication
    • Tourism
    • Transportation
No Result
View All Result
The Business Wiz
No Result
View All Result
Home Currency

Bitcoin could hit $100,000 by end-2024: Standard Chartered

by Web Admin
25/04/2023
in Currency
0
Bitcoin could hit $100,000 by end-2024: Standard Chartered
Share on FacebookShare on Twitter

Bitcoin could gain from factors including recent turmoil in the banking sector, a stabilisation of risk assets as the U.S. Federal Reserve ends its interest rate-hiking cycle and improved profitability of crypto mining, Standard Chartered’s head of digital assets research Geoff Kendrick wrote in a note.

“While sources of uncertainty remain, we think the pathway to the $100,000 level is becoming clearer,” Kendrick wrote.

Bitcoin has rallied so far this year, rising above $30,000 in April for the first time in ten months. Its gains represent a partial recovery after trillions of dollars were wiped from the crypto sector in 2022, as central banks hiked rates and a string of crypto firms imploded.

Predictions of sky-high valuations have been commonplace during bitcoin’s past rallies. A Citi analyst said in November 2020 that bitcoin could climb as high as $318,000 by the end of 2022. It closed last year down about 65% at $16,500.

Bitcoin has rallied so far this year, rising above $30,000 in April for the first time in ten months. PHOTO | COURTESY.

In Monday’s note, Standard Chartered said that bitcoin has benefited from its status as a “branded safe haven, a perceived relative store of value and a means of remittance.”

Kendrick said the European Parliament’s backing of the European Union’s first set of rules to regulate crypto asset markets “should provide a tailwind” for bitcoin.

JPMorgan said in a note on April 5 that a technical change to the bitcoin blockchain in April 2024, known as its “halving”, could boost its price by making it more expensive to produce, causing a “positive psychological effect”.

JPMorgan said that cryptocurrency prices have already benefited from crypto enthusiasts interpreting the recent U.S. banking crisis as a “vindication of the crypto ecosystem”. Crypto supporters say stablecoins are “less susceptible to runs”, JPMorgan said.

U.S. regulators have previously told banks to be alert for liquidity risks coming from crypto-related deposits, such as stablecoin reserves, which could be subject to rapid outflows.

Source: Reuters

Web Admin

Web Admin

Next Post
Investing in Africa is profitable, AfDB President tells Japanese investors

Investing in Africa is profitable, AfDB President tells Japanese investors

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Exchange Rate

Exchange Rate USD: Wed, 21 May.

Recommended

Nigerian tops the charts as the most curious nation about Crypto

Nigerian tops the charts as the most curious nation about Crypto

3 years ago
Tanzania exports hits $12.2 billion in January, 2023 on non-traditional exports

Tanzania exports hits $12.2 billion in January, 2023 on non-traditional exports

2 years ago

Popular News

    News

    Get latest news from us.


    SUBSCRIBE

    Category

    • Agriculture
    • Aviation
    • Banking
    • Commodities
    • Construction
    • CSR
    • Currency
    • Economic
    • Energy
    • Featured News
    • Financial Services
    • Information Technology
    • Infrastructure
    • Investment
    • Jobs
    • Manufacturing
    • Markets
    • Mining
    • Oil and Gas
    • Others
    • Q&A Interviews
    • Real estate
    • Sectors
    • Telecomunication
    • Tourism
    • Transportation

    About us

    The Business Wiz (TBW) is Tanzania’s premier one-stop online platform providing in-depth, accurate and timely business news, analysis, commentary and online business information portals and research.

    • About Us
    • Contact

    © 2022 The Business Wiz

    No Result
    View All Result
    • Home
    • Featured News
    • Economic
      • Currency
    • Investment
    • Markets
      • Stock Market
    • Sectors
      • Agriculture
      • Commodities
        • Markets
      • Construction
      • Energy
      • Financial Services
      • Information Technology
      • Infrastructure
      • Manufacturing
      • Markets
      • Mining
      • Real estate
      • Telecomunication
      • Tourism
      • Transportation

    © 2022 The Business Wiz

    en English
    ar Arabiczh-CN Chinese (Simplified)en Englishfr Frenchde Germanit Italianru Russianes Spanishsw Swahili