Standard Chartered said in a paper released on Monday that the price of Bitcoin may increase to as much as $100,000 by the end of 2024, signaling the end of the “crypto winter.”, BITCOINIST reports. 

According to Geoff Kendrick, head of digital assets research at Standard Chartered, Bitcoin could benefit from recent turmoil in the banking sector, a stabilization of risk assets as the US Federal Reserve ends its interest rate-hiking cycle, and improved profitability of crypto mining.

While the cryptocurrency’s original goal of serving as a hedge against skyrocketing inflation last year was unsuccessful, it recently achieved success by serving as a wager against the traditional banking system.