• Standard Chartered experts see Bitcoin at $ 100,000 by early 2022
• Longer-term target price is 175,000 US dollars
• Industry experts also see a lot of potential with Ethereum
Industry experts are confident
A new cryptocurrency research team at Standard Chartered sees plenty of potential for Bitcoin in the next few months, as reported by the Reuters news agency. Later this year or at the beginning of next year, you will see Bitcoin at a price of around 100,000 US dollars. In the longer term, the experts even consider a value of 175,000 US dollars per Bitcoin to be realistic. Bitcoin could become the leading peer-to-peer payment method for non-bank customers worldwide, according to the research team led by Geoffrey Kendrick. After Bitcoin and other cryptocurrencies had had a strong recovery rally over the past few weeks, another strong setback occurred last Tuesday. El Salvador was the first country in the world to approve Bitcoin as an official means of payment. However, the start failed and there were some problems, whereupon the prices of Bitcoin and other popular crypto currencies fell, according to Sandra Schuffelen from Handelsblatt.
Buying Bitcoin is quite complicated and time-consuming.
»Here you can easily buy and sell Bitcoin
Ethereum would benefit from a strong Bitcoin
With a medium to long-term target for Bitcoin at 175,000 US dollars, the second largest cryptocurrency, Ethereum, should be able to pull along to a value of 26,000 to 35,000 US dollars, according to the Standard Chartered team. That would currently correspond to a tenfold increase in the Ethereum rate. The experts also highlight the transition to Ethereum 2.0, as the switch from the proof-of-work process to the proof-of-stake process has obvious environmental advantages. The excessive energy requirement for mining is eliminated, which could make the cryptocurrency even more popular with investors in the future. The change in the process is expected to be in the first half of 2022, according to Geoffrey Kendrick. But despite everything, Ethereum should not be equated with Bitcoin, since, for example, the regulatory concerns about the two cyber currencies differ.
Future prospects for the crypto market
Compared to Financial News, Kendrick added that Standard Chartered, as a bank, is also increasingly opening up to cryptocurrencies. Many other banks around the world would do the same. He himself hopes that crypto assets will play a bigger role in the future and that the banks will start trading themselves, because the interest of customers is already there. The gap between traditional finance and the digital world is getting smaller every day. The expert is certain that many countries in the world will be completely cashless in 10-20 years, from which Bitcoin, Ethereum and Co. would benefit.
Investors will be eager to follow the developments on the crypto market over the next week. However, it remains to be seen whether Standard Chartered is right with its target price and whether the most popular cyber currencies will soon reach new highs.
Finanzen.ch editorial team