Furthermore, troubles faced by stablecoins, a competing digital asset to Bitcoin, has also helped the latter regain its reputation as ‘digital gold’.
Standard Chartered believes that the current crypto “winter” is over and that Bitcoin, the key digital currency, is set to reach US$100,000 by end of next year.
“The recent banking sector crisis has helped to re-establish Bitcoin’s core use case as a decentralised, trustless and scarce digital asset,” writes Geoff Kendrick, the bank’s head of forex research, West, and digital assets research, in his April 24 note.
