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 in 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.

Published in The Express Tribune, September 9th, 2021.

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