Standard Chartered: Bitcoin could reach $50,000 this year

July 10, 2023 10:30 PM AEST | By Invezz

Bitcoin price amid global adoption

The bank’s bitcoin price prediction comes as the leading cryptocurrency continued to hover around $30k. The outlook over the past few weeks has been positive for BTC, particularly with the bullish flip in market sentiment following asset management titan BlackRock’s filing for a spot Bitcoin ETF.

The firm’s CEO Larry Fink’s comments that the cryptocurrency was now an international asset and digital gold also helped fire bulls. Amid this is the growing adoption of BTC among institutional investors. While MicroStrategy’s holdings are the largest by a publicly-traded company at 150,000 BTC, data shows more and more institutions are buying the cryptocurrency.

Indeed, Invezz recently highlighted the fact that as institutional investors buy, the supply on exchanges has been falling.

The post Standard Chartered: Bitcoin could reach $50,000 this year appeared first on Invezz.

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