TL;DR
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Boring news: Recently, Bitcoin has been relatively flat, hovering around $30,000.
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Exciting news: A report has just been published by Standard Chartered Bank predicting a (potential) $50,000 BTC by the end of 2023 and $120,000 by the end of 2024!
Full story
Okay, time for our bi-weekly(ish) check-in with Bitcoin…
We split it into two parts, with the following title:
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Honk-shoo-mimimi (the boring stuff 😴)
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Hopium (the exciting things 🫨)
Honk-shoo-mimimi (this is where we are now).
Lately, Bitcoin’s story has gone something like this:
→ There was a lot of excitement surrounding a potential US-based Bitcoin Exchange Traded Fund (ETF).
→ This kind of fund would likely flow billions of dollars into Bitcoin. As a result, Bitcoin skyrocketed from ~$26,000 to ~$31,000.
→ But then the Federal Reserve announced it would raise interest rates again, and BTC fell back to around $30,000.
That’s where we are today.
Now, time for your promised dose of hopium.
On Monday, an investigative report was published by Standard Chartered Bank…and get this:
It predicted that Bitcoin could rise to $50,000 by the end of this year and to $120,000 by the end of 2024!
What do they base this theory on?
Profitability of miners. The thinking creature:
Miners (the people responsible for processing BTC transactions) are making more than ever on transaction fees!
Which means they don’t have to sell as much Bitcoin to cover their operating costs.
And the more Bitcoin they keep for themselves → the less BTC comes into the open market → the scarcer it becomes → the higher the price rises.
(At least that’s the idea).
Now let’s light a candle and pray to the crypto gods that it comes true in time.
