Crypto analysts at Standard Chartered have boosted their Bitcoin forecast:
- to USD 50,000 in 2023
- and to as high as USD 120,000 in 2024 (from $100K in April, analysts at the bank now say this call has a 20% upside)
Citing:
- “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”
- given the better profitability the miners minting circa 900 new bitcoins that are produced each day around the world would soon need to sell fewer to cover their costs
Stan Chart estimates that miners have recently been selling 100% of their new coins, but if the price hits $50K they would probably only sell 20-30%. And thus,
- “It is the equivalent of miners reducing the amount of bitcoins they sell per day to just 180-270 from 900 currently.”
- “Over a year, that would reduce miner selling from 328,500 to a range of 65,700-98,550 – a reduction in net BTC supply of roughly 250,000 bitcoins a year.”
Bitcoin update. Pump and …. well, you know the rest …
Stan Chart info via Reuters report.