Standard Chartered: "Bitcoin Likely to Soar to $120,000 by Next Year"

Bitcoin, which has been on the rise this year, is expected to surpass $100,000 next year.

On the 10th (local time), Jeff Kendrick, Head of Digital Asset Research at the UK major bank Standard Chartered, predicted that Bitcoin would reach the $50,000 (65.32 million KRW) level this year and soar to $120,000 next year.

As of 7 a.m. Korean time on the 11th, the price of one Bitcoin is $39,696, up 0.38% from the previous day. The $120,000 forecasted by Standard Chartered is about four times the current price.

Earlier in April, he stated, "The so-called crypto winter is over," and suggested the possibility that Bitcoin could reach around $100,000 by the end of next year. However, this time he raised the target price by 20%.

In the report, Kendrick said, "As the price of Bitcoin rises, the profitability per mined Bitcoin for miners has increased," adding, "This means miners will reduce sales while maintaining cash inflows."

He further predicted, "Miners will reduce the net supply of Bitcoin, pushing the price even higher." It is estimated that miners currently sell 100% of newly mined Bitcoin, but when the price reaches $50,000, they might sell only 20-30%.

He added, "This would reduce the daily amount of Bitcoin sold from 900 to 180-270," and forecasted, "In one year, the annual supply of Bitcoin will decrease by about 250,000."