Standard Chartered sees bitcoin hitting $100,000 by early next year
Wed Sep 08 2021
Lucy Harlow (3776 articles)

Standard Chartered sees bitcoin hitting $100,000 by early next year

A new cryptocurrency research team at 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 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 who is also the global head of its emerging market currency research said in a note sent to clients on Tuesday.

“Cyclically, we expect a peak around $100,000 in late 2021 or early 2022”

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 .

Lucy Harlow

Lucy Harlow

Lucy Harlow is a senior Correspondent who has been reporting about Commodities, Currencies, Bonds etc across the globe for last 10 years. She reports from New York and tracks daily movement of various indices across the Globe