Bitcoin Could Still Surge to $500,000 Before Trump Leaves Office: Standard Chartered – CryptoMode
Even amid a massive cryptocurrency market meltdown that saw the price of Bitcoin see its worst three-day drop since the FTX collapse in November 2022, a bullish Standard Chartered analyst is standing by his $500,000 bitcoin price call.
Geoffrey Kendrick, who heads digital assets research for the multinational bank, reiterated his optimistic outlook in a recent interview with CNBC, suggesting that Bitcoin is on track to hit $200,000 by the end of this year before continuing its ascent during the Trump administration.
Despite the recent selloff, Kendrick argued that the long-term trajectory for Bitcoin remains firmly upward. He emphasized the crucial role of traditional financial institutions in driving future growth and stability within the cryptocurrency ecosystem.
“Within the crypto ecosystem, what we need are traditional financial players, like Standard Chartered, like BlackRock and others that have the ETFs now to really step in,” he said.
“As the industry becomes more institutionalized, it should be safer,” which would mean fewer negative headlines and more stability if coupled with growing regulatory clarity in the U.S.
Bitcoin to $200,000 This Year
According to Kendrick, the key catalyst for attracting greater investment from large financial institutions is twofold: price stabilization and clearer regulatory frameworks. Per his words, risk assets “don’t like uncertainty.”
“That should add to that medium term, top-side potential, which for me is Bitcoin up to $200,000 this year, and $500,000 before Trump leaves office,” he stated.
Looking ahead, Kendrick anticipates an improved outlook for cryptocurrencies later in the year, driven by anticipated progress in the developments of new rules surrounding stablecoins and anti-money laundering.
“That should further legitimize, so you’ll see more U.S. banks involved. You’ll see larger institutions in the U.S. continue to push through,” Kendrick predicted.
