Standard Chartered has predicted that the value of Bitcoin — the top cryptocurrency — can surge up to $50,000 this year and $120,000 by the end of 2024, Reuters reported.
The bank predicted that the surge in the rate of the cryptocurrency could prompt bitcoin 'miners' to hoard more of the supply.
Standard Chartered published a $100,000 end-2024 forecast for bitcoin back in April on the view the so-called "crypto winter" was over, but one the bank's top FX analysts, Geoff Kendrick, said there was now 20% "upside" to that call.
"Increased miner profitability per BTC (bitcoin) mined means they can sell less while maintaining cash inflows, reducing net BTC supply and pushing BTC prices higher," Kendrick said in a report.
Bitcoin, according to the cryptocurrency's webiste, uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network.
"Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part," the website mentioned.
"Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system."