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Standard Chartered Bank has restated its projection that the price of bitcoin (BTC) will reach USD 100,000 or equivalent to IDR 1.5 billion (assuming an exchange rate of IDR 15,458 per US dollar) by the end of 2024.

Reported from Coinmarketcap, Friday (1/12/2023), Head of Crypto Research Analyst at Standard Chartered, Geoff Kendrick and the team at the bank expressed their confidence that the approval of various spot Bitcoin ETFs in the United States would be beneficial.

Driving Factors

The bank anticipates that several spot ETFs for BTC and ETH are likely to be approved in the first quarter of 2024, paving the way for increased institutional investment.

Furthermore, Standard Chartered emphasized the upcoming Bitcoin Halving, an event that limits the supply of the currency and is expected to occur in late April 2024, as an additional factor that could contribute to the potential price increase.

Standard Chartered initially predicted BTC would reach $120,000 by the end of next year, attributing Bitcoin's victory to its status as a reputable safe haven asset. The bank defended BTC's price dominance, stating that BTC's dominance remained intact and the overall digital asset market share had increased to 50 percent from 45 percent.