A brand new cryptocurrency analysis crew at Customary Chartered has predicted bitcoin will double in worth and hit $100,000 by early subsequent 12 months and that it could possibly be price as a lot as $175,000 in long run. The financial institution additionally stated it “structurally” valued ethereum, the second-most traded crypto asset, at $26,000-$35,000, though to achieve that degree bitcoin must be close to $175,000. “As a medium of alternate, bitcoin could develop into the dominant peer-to-peer fee technique for the worldwide unbanked in a future cashless world,” Customary Chartered’s new crypto analysis unit headed by Geoffrey Kendrick, who can also be the worldwide head of its rising market forex analysis, stated in a observe despatched to purchasers on Tuesday. “Cyclically, we count on a peak round $100,000 in late 2021 or early 2022.” Bitcoin was at $46,024 in early European buying and selling on Wednesday after scaling a four-month excessive above $52,000 on Monday whereas ethereum consolidated losses at $3,366.
Printed in The Categorical Tribune, September 9th, 2021.