Alert! Bitcoin price to hit $100,000 soon, $175,000 thereafter, says bank | Tech News

Alert! Bitcoin price to hit $100,000 soon, $175,000 thereafter, says bank

In a big development that will help to boost Bitcoin price, a bank has said that the cryptocurrency will shoot up to $100,000 soon. Bitcoin price today is $46,024. Bitcoin price had scaled a four-month high above $52,000 on Monday.

By:REUTERS
| Updated on: Aug 21 2022, 20:17 IST
Not only was Bitcoin price seen at $100,000, the bank said it would shoot up as high as $175,000. Bitcoin price today is just $46,024.
Not only was Bitcoin price seen at $100,000, the bank said it would shoot up as high as $175,000. Bitcoin price today is just $46,024. (MINT_PRINT)
Not only was Bitcoin price seen at $100,000, the bank said it would shoot up as high as $175,000. Bitcoin price today is just $46,024.
Not only was Bitcoin price seen at $100,000, the bank said it would shoot up as high as $175,000. Bitcoin price today is just $46,024. (MINT_PRINT)

A new cryptocurrency research team at Standard Chartered has predicted bitcoin will double in value and hit $100,000 by early next year and that it could be worth as much as $175,000 longer-term.

The bank also said it "structurally" valued Ethereum, the second-most traded crypto asset, at $26,000-$35,000 although to reach that level bitcoin would have to be near $175,000.

"As a medium of exchange, bitcoin may become the dominant peer-to-peer payment method for the global unbanked in a future cashless world," Standard Chartered's new crypto research unit headed by Geoffrey Kendrick who is also the global head of its emerging market 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 trading on Wednesday after scaling a four-month high above $52,000 on Monday while Ethereum consolidated losses at $3,366.

Catch all the Latest Tech News, Mobile News, Laptop News, Gaming news, Wearables News , How To News, also keep up with us on Whatsapp channel,Twitter, Facebook, Google News, and Instagram. For our latest videos, subscribe to our YouTube channel.

First Published Date: 10 Sep, 15:35 IST
Tags:
NEXT ARTICLE BEGINS