Standard Chartered, one of the world’s leading banks, has raised its long-term Bitcoin price forecast, predicting that the value of the flagship cryptocurrency could reach $120,000 by the end of 2024. This upward revision comes as the bank acknowledges the potential for miners to hold a larger share of the newly minted Bitcoin supply. With the recent surge in Bitcoin’s price, Standard Chartered sees an opportunity for miners to reduce their selling activities, which could have implications for the cryptocurrency’s scarcity and future value. Miners’ Role In Bitcoin Value Proposition Miners hold a significant position within the crypto ecosystem, as they are responsible for the creation and upkeep of the network. And Standard Chartered’s forecast of Bitcoin reaching $120,000 by the end of 2024 is rooted in the notion that miners may adapt their selling practices to cover operational expenses, particularly the costs of electricity required for mining activities. Related Reading: Standard Chartered Predicts Bitcoin Could Reach $100,000 By End of 2024 By reducing the portion of newly generated Bitcoins they sell, miners can balance their cash inflows wh ..
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