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.
Standard Chartered also said it “structurally” valued Ethereum, the second-most traded cryptocurrency, 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.
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“Cyclically, we expect a peak around $100,000 in late 2021 or early 2022”, says Standard Chartered.
