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.