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

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

FILE PHOTO: A token of the virtual currency Bitcoin is seen placed on a monitor that displays binary digits in this illustration picture, December 8, 2017. REUTERS/Dado Ruvic/Illustration

LONDON : A new cryptocurrency research team at Standard Chartered has predicted bitcoin will double in value and hit US$100,000 by early next year and that it could be worth as much as US$175,000 longer-term.

The bank also said it "structurally" valued Ethereum, the second-most traded crypto asset, at US$26,000-US$35,000 although to reach that level bitcoin would have to be near US$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 US$100,000 in late 2021 or early 2022"

Bitcoin was at US$46,024 in early European trading on Wednesday after scaling a four-month high above US$52,000 on Monday while Ethereum consolidated losses at US$3,366.

(Reporting by Marc Jones; Editing by Saikat Chatterjee)

Source: Reuters

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