Bitcoin is on course to hit $100,000 by early 2022, according to a research team at Standard Chartered Bank.
The bank’s think tank is further predicting that over the long term, bitcoin can be worth $175,000.
The bank’s crypto research unit has also made the following predictions about cryptocurencies over the coming years:
- Bitcoin may become the dominant peer-to-peer payment method for the global unbanked in a future cashless world
- The bank values bitcoin in the price range of $50,000 – $175,000 over a longer term, and ETHER at $26,000 – $35,000 range
- Since Ethereum has more use cases compared to Bitcoin, the bank predicts that ETH’s total market capitalization will catch up to BTC’s over time
- The bank expects bitcoin to increase up to 3x from current levels while it sees ETHER going up to 10x even though it carries more risk
- Separate ecosystems already exist and may continue to challenge Ethereum in niche areas
The bank expects bitcoin to peak around $100, 000 in late 2021 or early 2022.
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SEE ALSO: JP Morgan Bank, a Leading U.S. Financial Institution, Offers Crypto Exposure to Retail Clients
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Standard Chartered’s predictions make it the latest traditional financial institution to embrace cryptocurrencies given that most banks are instructed to keep off them.
Additionally, Eric Robertson, Global Head of Research and Chief Strategist at Standard Chartered, had this to say concerning the future of finance:
“The gap between traditional finance and the digital world is narrowing by the day.
As our clients begin exploring cryptocurrencies, other digital assets, and decentralised finance, we aim to add value to their investment and risk-management strategies and help them navigate and incorporate this new asset class into their businesses.”
– Global Head of Research / Chief Strategist, Standard Chartered
In June 2021, the multinational bank revealed plans to launch an institutional crypto brokerage and exchange for U.K. and European clients by Q4 2021.
The bank’s innovation and ventures unit, SC Ventures, will be setting up a facility to connect institutional traders to counterparties and let them trade in cryptocurrencies such as bitcoin (BTC) and ether (ETH).
SC Ventures has also invested in Swiss blockchain firm, METACO, and is in the process of launching a crypto custody service.
Other than Standard Chartered, other banks and traditional financial institutions developing crypto-related products include:
- JP Morgan
- Goldman Sachs
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RECOMMENDED READING: 87% of Bitcoin Investments in 2020 Came from Institutional Investors, Dominated By Asset Managers, Latest Grayscale Report Reveals
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