The price of digital currency Bitcoin has started to increase again. Currently, the price of the digital currency stands at 30 thousand 200 dollars.
Since the beginning of 2023, the price of Bitcoin has increased by 80 percent. The rate hike may continue, the report claims.
According to media reports, the price of each bitcoin may reach 50 thousand dollars by the end of this year. And by the end of next year i.e. 2024 it may increase to 120 thousand dollars.
Recently UK multinational bank Standard Chartered has given a glimpse.
This information was revealed in a report of the international news agency Reuters.
According to the report, the price of Bitcoin has started to rise again. As a result, investors can be highly attracted to the top cryptocurrency. Producers may be encouraged to increase inventories for global supply.
In another forecast last April, Standard Chartered said that by the end of next year, the price of Bitcoin could rise to $100,000. At the time, they said, the so-called ‘winter’ of cryptocurrencies was coming to an end.
But now Jeff Kendrick, the bank’s senior foreign exchange analyst, is going one step further, saying that Bitcoin’s price could rise by another 20 percent.
He said that profits are increasing in Bitcoin. As a result, investors will not sell the currency much now. They will sell in small quantities. It will have good cash flow. As a result, the net supply of the virtual currency will decrease. The price will also be upward.
In November 2021, the price of Bitcoin rose to 69 thousand dollars. Which is the highest record in history so far. Compared to that, the coin is still worth less than half.