Standard Chartered, a British banking giant, released its first report on crypto. It highlighted a more optimistic stance towards Ethereum (ETH), and a less optimistic stance toward the Bitcoin (BTC).
According to Standard Chartered global research team, Ethereum is more like a “financial marketplace” in which transactions like insurance, loans, and exchanges can take place. On the other hand, according to the team, Bitcoin is more like a “currency”. Standard Chartered believes that ETH will eventually surpass BTC due to the wider use cases.
The team forecasts BTC long-term price from $50k to $175,000 which is a 300% increase from current Bitcoin price. The report forecast a more optimistic price for Ethereum. Standard Chartered predicts that ETH will be priced between $26,000 and $35,000 in the long-term. This is a 1000% increase from the current ETH price.
Standard Chartered also recognizes the importance of BTC growth. The bank acknowledges that for ETH to reach $26,000 and $35,000, BTC must first reach $175,000.
It seems that institutions are embracing the idea of Ethereum eventually surpassing Bitcoin. There is a lot of market sentiment about Ethereum overcoming BTC. Data from the last five years already show that ETH is outperforming BTC in the market.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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