Banking giant Standard Chartered has released its first report on crypto. According to the report, the multinational bank is more bullish on Bitcoin (BTC) than it is on Ether (ETH).
The bank’s global research team lead, Geoffrey Kendrick, said that Ether is like a “financial market” that supports exchanges, insurance, and lending transactions. Compared to Ether, Kendrick says that Bitcoin is more like a currency.
Because Ether has more encompassing use cases, especially when compared to Bitcoin, the bank believes that it is only a matter of time before the Ether market capitalization hits and surpasses that of Bitcoin.
The report puts Bitcoin’s long-term target between $50,000 and $175,000 and Ether between $26,000 and $35,000. However, the team suggests that Ether’s actualization of this goal is predicated on Bitcoin. It says that Bitcoin must first hit $175,000 before Ether gets to the targeted range.
At the time of the report, Bitcoin was trading at $51,250 with Ether at $3,750. This means that Standard Chartered is considerably more bullish on Ether than Bitcoin, as the targets for both assets respectively jump 3x and 10x, respectively. However, the report notes that risks for ETH are higher than BTC’s, even as returns are also higher.
Image Credits: Pixabay
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
