A group of researchers at Standard Chartered predicted that Bitcoin will hit the $100k mark in 2022. The same group predicted that Ether will reach $10k by that time.
We are witnessing rapid growth in the trade and investment in crypto assets over the past few years. This increasing growth of individuals and institutions in cryptocurrency compelled Standard Chartered to carry out in-depth research.
Eric Robertsen, global head of Research and chief strategist for Standard Chartered said
“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.”
To achieve this aim of providing its clients with profitable investment insights, Standard Chartered decided to formulate a research team of experts. These experts will closely analyze the crypto assets and market trends.
A Global crypto research team was formed to analyze market trends and cover reports on Bitcoin (BTC) and Ethereum (ETH). The head of the research team is Geoff Kendric.
The sole purpose of the team is to provide valuable insights on cryptocurrency trends and market sentiment. They will help the clients to invest profitably by offering them the latest developments and updates on crypto assets.
Eric Robertsen, on a note to its clients, said “As a medium of exchange, bitcoin may become the dominant peer-to-peer payment method for the global unbanked in a future cashless world. Cyclically, we expect a peak around $100,000 in late 2021 or early 2022″
Standard Chartered predicted that the value of Bitcoin will double by the end of 2021 or early 2022. It will reach $100k by the early months of 2022. The research team also believes that Bitcoin might even be worth $175000 in long term. This prediction came after Bitcoin hit its all-time high value of $64k earlier in 2021.
In their reports, they found Ethereum as the most traded crypto asset after Bitcoin. The “structurally” valued Ether at $26000 – $35000. But for Ether to reach such levels Bitcoin has to be worth around $175000.
current developments in bitcoin and ether
In the last 24 hours, we can see Ether value fluctuating in the range of $3200 – $3400. On the other hand, Bitcoin is trading above the $46k level.
Both Ether and Bitcoin recovered by a proportion after a major dip in the last week. Bitcoin that hit an all-time high in four months on 6th September 2021 crossed $51k in the European trading market. The price dip on 7th and 8th September took Bitcoin to below $45k.
Even Ether value suffered during this time. There was a significant rise of 4% in the Ether value between 9th and 10th September 2021 crossing the $3500 mark.
El Salvador president Nayib Bukele had announced the legalization of Bitcoin by implementing the Bitcoin law across the country. According to the Bitcoin law, both dollar and Bitcoin will be considered as legal tenders in El Salvador. The Bitcoin law came into effect on 7th September 2021 in El Salvador.