Standard Chartered Sets Sights on $500,000 Bitcoin Target Following Trump’s Crypto Reserve Announcement

Bitcoin Magazine

Standard Chartered Bank Refocuses on $500,000 Bitcoin Target Post Trump Crypto Reserve Announcement

The day following U.S. President Donald Trump’s declaration that Bitcoin will be integral to a national strategic cryptocurrency reserve, Geoff Kendrick, the Head of Digital Asset Research at Standard Chartered Bank, announced a renewed focus on his ambitious $500,000 Bitcoin price projection.

In a recent email, Kendrick reportedly indicated, “We have transitioned from a strategy of selling during price rallies to capitalizing on dips. Consequently, I am redirecting my focus towards the $500,000 Bitcoin price target… Given these developments, which align with our previous forecasts, we maintain our expectation for Bitcoin to hit $200,000 by the end of 2025. Following that, we foresee Bitcoin reaching $300,000 by the conclusion of 2026, $400,000 by the end of 2027, and ultimately arriving at $500,000 by the end of 2028, where we anticipate it to stabilize until 2029.”

Kendrick elaborated that Trump’s endorsement of Bitcoin for a national reserve could encourage individual states to adopt similar bitcoin reserves, potentially leading them to accumulate as much Bitcoin as the federal government overall.

Matthew Sigel from VanEck recently released a report analyzing the potential for states to accumulate Bitcoin, suggesting that if the over 20 proposed strategic bitcoin reserve bills are enacted, it could result in states acquiring over 242,787 BTC. You can monitor the progress of these bills on Bitcoin Laws.

Trump’s announcement of an official Bitcoin reserve might also bolster support for Senator Cynthia Lummis’ Strategic Reserve Bill, which was presented at the Bitcoin 2024 Conference held in Nashville last summer. This legislation proposes that the U.S. government annually acquires 200,000 bitcoins until it amasses a total of 1,000,000 BTC. Lummis has already conferred with Trump’s new Crypto Czar, David Sacks, and Treasury Secretary Scott Bessent regarding her proposal, stating in January, “Every legislator is examining this legislation seriously. The moment is ripe. The President is a visionary leader, and we are prepared to deliver this bill to his desk.”

This article Standard Chartered Bank Refocuses on $500,000 Bitcoin Target Post Trump Crypto Reserve Announcement initially appeared in Bitcoin Magazine and was authored by Nik.