https://arab.news/8rr4f
- Standard Chartered has predicted bitcoin will double in value and hit $100,000 by early next year
- Could be worth as much as $175,000 longer-term
Standard Chartered has predicted bitcoin will double in value and hit $100,000 by early next year and that it could be worth as much as $175,000 longer-term.
The bank's new cryptocurrency research team also said it "structurally" valued Ethereum, the second-most traded crypto asset, at $26,000-$35,000 although to reach that level bitcoin would have to be near $175,000.
"As a medium of exchange, bitcoin may become the dominant peer-to-peer payment method for the global unbanked in a future cashless world," Standard Chartered's new crypto research unit headed by Geoffrey Kendrick said in a note sent to clients.
"Cyclically, we expect a peak around $100,000 in late 2021 or early 2022", it added,
Bitcoin was at $46,024 in early European trading on Wednesday after scaling a four-month high above $52,000 on Monday while Ethereum consolidated losses at $3,366.