Standard Chartered’s lead on forex and crypto research, Geoffrey Kendrick, and his team have recently proposed a bold prediction: Ethereum could skyrocket to $8,000 by 2026. The projection is backed by the strength Ethereum exhibits in areas such as smart contracts, gaming, and tokenization. These are the key drivers expected to fuel Ethereum's price surge.
Ethereum: A Strong Contender in the Crypto World
Following their previous prediction that bitcoin could reach $50K by the end of this year and surge to $120K by 2024, the team at Standard Chartered is focusing their attention on Ethereum. Kendrick's recent analysis highlights Ethereum's unrivaled dominance in several areas of decentralized finance (defi), token creation, and smart contract innovations. These factors could potentially launch Ethereum to an impressive $8,000 mark by 2026, quintupling its current value.
Long-Term Predictions for Ethereum
Interestingly, this $8K prediction is just the start of the bank's ambitious long-term forecast, with Ethereum's value predicted to fall between $26,000 and $35,000 in the future. However, it's important to note that while the $8K estimate is targeted for the end of 2026, the larger valuation is projected for 2040. Kendrick explained that these forecasts consider the emerging use cases and revenue streams that are yet to develop. The current real-world implementations in gaming and tokenization are anticipated to speed up this growth.
The Impact of U.S. Regulations and the Role of Standard Chartered
Kendrick further suggested that U.S. regulations surrounding potential spot exchange-traded funds (ETFs) will likely strengthen both Bitcoin and Ethereum. Since diving into the crypto research realm in September 2021, Standard Chartered has consistently provided expert insights. "The gap between traditional finance and the digital world is narrowing by the day," stated Eric Robertsen, the global head of research and chief strategist for Standard Chartered.
Your Thoughts on Ethereum's Future
Do you agree with Standard Chartered's prediction that Ethereum's price will reach $8K by 2026? We'd love to hear your thoughts on this matter.
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By: Jamie Redman
Title: A Bright Future for Ethereum: Predicted to Hit $8,000 by 2026
Sourced From: news.bitcoin.com/standard-chartereds-research-predicts-ethereum-to-hit-8k-by-2026-and-eyes-35k-long-term/
Published Date: Wed, 11 Oct 2023 14:00:36 +0000