Standard Chartered expects Bitcoin prices to reach $100k in late 2021 or early 2022


On Tuesday, the British banking behemoth Standard Chartered released its first crypto reports, predicting the bitcoin value to hit $100,000 by early 2022.
According to Reuters, Standard Chartered's new
Bitcoin and crypto research team predict by the start of next year bitcoin will
double in valuation to reach $100,000, and that it might attain as much as
$175,000 in the long run.
Geoffrey Kendrick, the head of Standard Chartered's
new Bitcoin and crypto research branch and global head of its emerging market
currency research told clients in a note on Tuesday: "As a medium of
exchange, Bitcoin may become the dominant peer-to-peer payment method for the
global unbanked in a future cashless world."
He adds, "Cyclically, we expect a peak around
$100,000 in late 2021 or early 2022"
According to Standard Chartered's global research
team, Ethereum is more akin to a "financial market" in which
activities such as lending, insurance, and exchanges can take place. And
Bitcoin is more equivalent to a "currency." As a result, Standard
Chartered expects that Ethereum's entire market capitalization will eventually
catch up to Bitcoin's due to its broader use cases.
Over the long run, the bank values bitcoin at
$50,000-$175,000, and ether at $26,000-$35,000. However, in order for Ethereum
to get there, Bitcoin must first trade at $175,000, according to the
team.
The comments came on the same day that El Salvador
legalized Bitcoin as a form of payment to help the unbanked and to save on
remittance fees. El Zonte, a small coastal community, also known as Bitcoin
Beach, has adopted cryptocurrency as a way of life and has already reaped the
benefits of adoption.
On Wednesday, following a four-month peak above $52,000 on Monday, Bitcoin reached $46,024 in early European trade and Ethereum was down at $3,366.

Pavan A
CBW - External Analyst
INDIA