Standard Chartered Research Team Estimates Bitcoin Will Break USD 100.000

Bitcoin will double in value later this year and affect other cryptocurrencies. (photo: doc. unsplash)

JAKARTA - The new cryptocurrency research team at Standard Chartered has predicted bitcoin will double in value and reach USD 100.000 by the beginning of next year and that it could be worth as much as USD 175.000 in the long term.

The bank also said it "structurally" values Ethereum, the second most traded crypto asset, at USD 26.000-35.000 although to reach that level bitcoin would have to be close to USD 175.000.

"As a medium of exchange, bitcoin could become the dominant peer-to-peer payment method for the unbanked global in the cashless world of the future", said Standard Chartered's new crypto research unit led by Geoffrey Kendrick who is also head of global emerging markets on Tuesday, September 7.

"On a cyclical basis, we expect a peak of around USD 100.000 in late 2021 or early 2022", Kendrick said.

Bitcoin as of this news is written, is at USD 46.024 in early European trade on Wednesday, September 8, after hitting a four-month high above 52.000 on Monday, September 6. While Ethereum consolidated losses at USD 3.366.