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Standard Chartered’s new Bitcoin and crypto research team has predicted a $100,000 price target by early 2022, Reuters reported.

The team also predicted Bitcoin could reach $175,000 “longer term”.

The head of Standard Chartered’s new Bitcoin and crypto research unit, Geoffrey Kendrick, told clients in a note on Tuesday: “As a medium of exchange, bitcoin may become the dominant peer-to-peer payment method for the global unbanked in a future cashless world."

"Cyclically, we expect a peak around $100,000 in late 2021 or early 2022,” Kendrick concluded.

The remarks come on the same day El Salvador adopted Bitcoin as legal currency. Only time will tell whether Bitcoin will become the dominant peer-to-peer method of exchange in a country with so many unbanked. Although small micro economies of Bitcoin peer-to-peer exchange, such as El Zonte, also known as Bitcoin Beach, have already greatly benefitted from adoption.

Large companies such as McDonald’s and Starbucks have already begun to accept Bitcoin payments in El Salvador and it is expected most businesses will in order to comply with the law. This should support both Kendrick’s theses of a $100,000 year end price and a greater peer-to-peer adoption.