UK Bank Standard Chartered Releases Bullish Ethereum Forecast; ETH to $ 35,000 when BTC hits $ 175,000
Much has been said about Ether’s ability to outperform Bitcoin as the largest and most valuable cryptocurrency.
While Bitcoin remains at the top of the rankings, UK banking giant Standard Chartered has joined the ranks of financial institutions for the time being to release bullish predictions for the leading altcoin.
The unique position of Ethereum and the close proximity of ETH 2.0
Earlier this week, Standard Chartered released an Ethereum Investor Guide. The company shared its belief that ether could continue to grow significantly – so much so that it could overtake Bitcoin.
As the report stated, the growth of Ether will result from the increased adoption of the Ethereum blockchain. Standard Chartered compared the second most valuable cryptocurrency to a “financial market” that supports transactions such as asset swaps, insurance, and loans. Bitcoin, on the other hand, is more of a “currency” that simply focuses on exchanging values and payments.
Given that Ethereum has broader use cases in the long run, there is a significant chance that Ether could actually overtake Bitcoin. Standard Chartered valued Bitcoin in the $ 50,000 to $ 175,000 price range over the long term, while Ether should be between $ 26,000 and $ 35,000. While they pointed out that Bitcoin has a higher chance of reaching that price before Ether, the possibility that the latter will hit its price target is growing rapidly.
Standard Chartered also pointed out the current transition to Ethereum 2.0 – a project that aims to turn Ethereum into a proof-of-stake (PoS) blockchain. The blockchain completed its London hard fork early last month, marking a significant phase of transition. Ethereum 2.0 has already seen several delays, but a tentative date has been set in 2022.
As many know, Ethereum 2.0 will also improve the scalability problems that the original Ethereum blockchain is facing. Standard Chartered trumpeted this tune, stating that the upgrade will make the most popular blockchain even more functional and scalable. The increasing adoption could indeed make Ether more attractive.
The newest cheerleader for Ethereum
Standard Chartered isn’t the only company optimistic about Ether’s chances of outperforming Bitcoin – an event that industry insiders have now called “flipping.” Last month, Nigel Green, CEO of financial advisory firm deVere Group, told City AM that the price hike of ether will surpass that of Bitcoin in 2021 as well.
Green pointed out at the time that ether had grown by over 300 percent in 2021 – compared to Bitcoin’s growth of 55 percent. The CEO added that the “flip” could happen in five years if this trend continues.
Like Standard Chartered, Green also stated that the transition to ETH 2.0 has been successful so far.
Banking giant Goldman Sachs has also expressed its confidence in Ethereum’s ability to flip Bitcoin. The company’s analysts said in July that ether has a real opportunity to overtake Bitcoin, with the former asset having much greater appeal and potential than the latter.
Jimmy has been following the development of the blockchain for several years and is optimistic about its potential to democratize the financial system. When he’s not immersed in the daily events of the crypto scene, he’s watching legal reruns or trying to beat his Scrabble high score.