UK Bank Standard Chartered Publishes Bullish Ethereum Prediction; ETH to $35k If BTC Hits $175k
There has been a great deal of talk about Ether’s ability to surpass Bitcoin as the biggest and most valuable cryptocurrency.
While Bitcoin remains atop the rankings, for now, British banking giant Standard Chartered has joined the ranks of financial institutions to post bullish predictions for the leading altcoin.
Ethereum’s Unique Position & ETH 2.0’s Imminence
Earlier this week, Standard Chartered released an investor guide for Ethereum. The company shared its belief that Ether could continue to grow significantly – so much so that it could surpass Bitcoin.
As the report explained, Ether’s growth will come from increased adoption of the Ethereum blockchain. Standard Chartered likened the second most valuable cryptocurrency to a “financial market” that supports transactions like asset exchanges, insurance, and lending. On the flip side, Bitcoin is more of a “currency” that will simply focus on value exchanges and payments.
Given that Ethereum has broader use cases in the long term, there is a significant chance that Ether could indeed overtake Bitcoin. Standard Chartered valued Bitcoin in the $50,000 to $175,000 price range over the long term, while Ether was pegged to hit between $26,000 and $35,000. While they pointed out that Bitcoin has a higher chance of hitting this price before Ether, the possibility of the latter reaching its price target is growing rapidly.
Standard Chartered also pointed out the current transition to Ethereum 2.0 – a project that looks to make Ethereum a proof-of-stake (PoS) blockchain. The blockchain completed its London hard fork early last month, marking a significant stage in the transition. Ethereum 2.0 has already run into several delays, but a tentative date in 2022 has been set.
As many know, Ethereum 2.0 will also improve the scalability problems the original Ethereum blockchain faces. Standard Chartered trumpeted this tune, explaining that the upgrade will make the most popular blockchain even more functional and scalable. Gowing adoption could indeed boost Ether’s appeal.
The Latest Cheerleader for Ethereum
Standard Chartered isn’t the only company to be bullish on Ether’s chances of topping Bitcoin – an event that industry insiders have now called the “flippening.” Last month, Nigel Green, the chief executive of financial advisory firm deVere Group, told City AM that Ether’s price appreciation would continue to beat Bitcoin’s in 2021.
Green pointed out at the time that Ether had grown over 300 percent in 2021 – compared with Bitcoin’s growth of 55 percent. The CEO added that if this trend continues, the “flippening” could happen in five years.
Like Standard Chartered, Green also explained that the transition to ETH 2.0 has been successful so far.
Banking giant Goldman Sachs has also expressed confidence in Ethereum’s ability to flip Bitcoin. The company’s analysts said in July that Ether has a real possibility of overtaking Bitcoin, with the former asset having a much greater appeal and potential than the latter.