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

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A Bitcoin virtual currency token is seen placed on a monitor which displays binary digits in this illustrative image, December 8, 2017. REUTERS / Dado Ruvic / Illustration

LONDON, Sept. 8 (Reuters) – A new cryptocurrency research team at Standard Chartered has predicted that bitcoin will double in value to $ 100,000 by early next year and could be worth up to $ 175,000 in the longer term.

The bank also said it “structurally” values ​​Ethereum, the second most traded crypto asset, between $ 26,000 and $ 35,000, although to hit that level bitcoin would need to be close to $ 175,000.

“As a medium of exchange, bitcoin could become the dominant peer-to-peer payment method for the unbanked world in a future cashless world,” Standard Chartered’s new crypto research unit led by Geoffrey Kendrick who is also the global leader of its emerging market, the currency research said in a note sent to clients on Tuesday.

“Cyclically, we expect a peak around $ 100,000 in late 2021 or early 2022”

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

Reporting by Marc Jones; Editing by Saikat Chatterjee

Our Standards: Thomson Reuters Trust Principles.

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