In a significant shift in the cryptocurrency landscape, Standard Chartered Bank’s Head of Digital Asset Research, Geoff Kendrick, has reaffirmed a bold price target of $500,000 for Bitcoin. This comes just after U.S. President Donald Trump declared that Bitcoin would play a central role in the nation’s strategic cryptocurrency reserve.
Kendrick explained in a recent communication, “We have moved from selling rallies to buying dips,” indicating a strategic pivot in market approach. Given the latest developments, Kendrick emphasized that the bank remains confident in Bitcoin reaching $200,000 by the end of 2025. Further projections estimate that Bitcoin could climb to $300,000 by the close of 2026, $400,000 by the end of 2027, and eventually touch the $500,000 mark by 2028, before stabilizing through 2029.
Trump’s endorsement of Bitcoin as part of a national strategic reserve could spark a wave of similar initiatives at the state level. Kendrick speculated that individual U.S. states might also pursue their own Bitcoin reserves, potentially amassing an aggregate that rivals federal holdings. This potential for widespread adoption could reshape not just the market but also the broader economic strategy regarding digital assets.
- Trump’s statement: “I also love Bitcoin” is poised to boost Bitcoin’s credibility.
- Analysts believe that individual state adoption could lead to substantial increases in Bitcoin demand.
- Legislation promoting Bitcoin reserves is gaining interest across the country.
Another expert, Matthew Sigel from VanEck, highlighted the impact of proposed legislation for state-level Bitcoin reserves. If these bills are enacted, states could collectively purchase over 242,787 BTC, greatly impacting market demand. The dynamic nature of this legislation, along with Kendrick’s insights, paints a promising picture for Bitcoin enthusiasts.
Further, Trump’s advocacy may bolster Senator Cynthia Lummis’ Strategic Reserve Bill, which aims to facilitate the U.S. government’s acquisition of up to 1,000,000 BTC over several years. Lummis has reportedly been in discussions with major figures in the administration, including the new Crypto Czar and the Treasury Secretary, to push this legislation forward, stating that “Every legislator is giving this legislation a serious look.”
