Simply someday after U.S. President Donald Trump introduced that Bitcoin goes to “at the heart” of a nationwide strategic crypto reserve, Standard Chartered Bank’s Head of Digital Asset Research Geoff Kendrick said that he’s now re-focusing on his “$500,000 bitcoin price target.”
“We have moved from selling rallies to buying dips,” Kendrick reportedly said in an e mail. “And hence I re-focus on my $500,000 bitcoin target…Given these developments, which align with our previous expectations, we continue to target Bitcoin to reach $200,000 by year-end 2025. Thereafter, we expect Bitcoin to reach $300,000 by the end of 2026, $400,000 by the end of 2027, and $500,000 by the end of 2028, where it will likely remain until the end of 2029.”
Kendrick additional mentioned that Trump’s embrace of Bitcoin in a strategic reserve might gas particular person states to additionally undertake bitcoin reserves of their very own, and ultimately, maintain as a lot bitcoin because the federal authorities all collectively.
VanEck’s Matthew Sigel additionally just lately put out a latest report on the potential accumulation of bitcoin by particular person states, showcasing that if signed into regulation, the demand from these 20+ strategic bitcoin reserve payments might see states buy over 242,787 BTC. You may observe the standing of those payments right here on Bitcoin Legal guidelines.
Trump’s announcement of an official Bitcoin reserve doubtlessly additionally might gas help for Senator Cynthia Lummis’ Strategic Reserve Invoice, unveiled on the Bitcoin 2024 Convention in Nashville final summer time, which might see the U.S. buy 200,000 bitcoin per yr till it has purchased 1,000,000 BTC. Lummis has already met with Trump’s new Crypto Czar David Sacks and Treasury Secretary Scott Bessent about her Bitcoin reserve invoice, and stated in January that “Every legislator is giving this legislation a serious look. The time is now. The President is a visionary leader and we are ready to get this bill to his desk.”
