It seems Standard Chartered hasn't been daunted by the dramatic crash we saw yesterday.
Despite Bitcoin embarking on a dramatic rollercoaster ride this week, it seems investment banks are still bullish on the cryptocurrency’s prospects.
Standard Chartered — which recently launched its own crypto research team — has predicted that Bitcoin could hit $100,000 early next year.
In a note to clients, the bank also revealed that it believes BTC could achieve a valuation of $175,000 in the long term.
Subscribe to the CoinMarketRecap podcast on Apple Podcasts and Spotify!
Bullish on Ethereum, Too
Perhaps the more eye-opening prediction is related to Ether.
Standard Chartered said that it “structurally” values ETH at between $26,000 and $35,000. If the world’s second-largest cryptocurrency was to achieve this upper range, that would be a 1,000% increase on its current price.
The analysts added that Ether hitting such levels would hinge upon Bitcoin rallying to $175,000.
Geoffrey Kendrick, who heads the new crypto research unit, 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.”