Standard Chartered has forecast that Bitcoin will touch the magical figure of $100,000 in the first quarter of 2022, and in the longer term, the cryptocurrency will hit $175,000.
On Wednesday, Bitcoin was trading at a little more than $46,000. Ethereum and Binance Coin were trading at $3,413 and $409, respectively.
The London-headquartered bank has assembled a new cryptocurrency team that concluded that the second-most traded Ethereum will reach $26,000-$35,000 when Bitcoin will reach $175,000. Geoffrey Kendrick, head of the new crypto unit at Standard Chartered, said in a note that 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”.