Standard Chartered, a renowned financial institution, has projected a substantial surge in the value of the leading cryptocurrency, bitcoin.

According to the bank’s recent announcement on Monday, bitcoin could potentially reach $50,000 within this year alone and an impressive $120,000 by the conclusion of 2024. This projected rise in bitcoin’s price has led Standard Chartered to anticipate a consequential increase in hoarding among bitcoin miners, as they seek to capitalize on the heightened value.

In April of this year, Standard Chartered had already predicted a year-end valuation of $100,000 for bitcoin, having perceived the end of the so-called “crypto winter.” However, Geoff Kendrick, one of the bank’s prominent foreign exchange analysts, now asserts that there is an additional 20% upside potential to that initial forecast.