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

Merely one day subsequent to U.S. President Donald Trump unveiling that Bitcoin will be “at the core” of a national tactical crypto reserve, Standard Chartered Bank’s Head of Digital Asset Research, Geoff Kendrick, mentioned that he is now redirecting his attention to his “$500,000 bitcoin price goal.”

“We have shifted from selling rallies to purchasing dips,” Kendrick reportedly expressed in an email. “And consequently, I re-focus on my $500,000 bitcoin goal…In light of these advancements, which are consistent with our earlier forecasts, we persist in aiming for Bitcoin to attain $200,000 by the conclusion of 2025. Subsequently, we foresee Bitcoin reaching $300,000 by the end of 2026, $400,000 by the end of 2027, and $500,000 by the close of 2028, where it will presumably stay until the conclusion of 2029.”

Kendrick elaborated that Trump’s endorsement of Bitcoin within a strategic reserve could motivate individual states to also establish their own bitcoin reserves, potentially holding as much bitcoin collectively as the federal government.

VanEck’s Matthew Sigel also recently released a report on the likely accumulation of bitcoin by individual states, indicating that if enacted, the demand from these 20+ strategic bitcoin reserve proposals could lead states to acquire over 242,787 BTC. You can monitor the progress of these proposals here on Bitcoin Laws.

Trump’s declaration of an official Bitcoin reserve might also bolster support for Senator Cynthia Lummis’ Strategic Reserve Bill, which was revealed at the Bitcoin 2024 Conference in Nashville last summer. This bill would facilitate the U.S. in acquiring 200,000 bitcoin annually until it has purchased 1,000,000 BTC. Lummis has already convened with Trump’s newly appointed Crypto Czar David Sacks and Treasury Secretary Scott Bessent regarding her Bitcoin reserve bill, and indicated in January that “Every legislator is taking this legislation very seriously. The moment is now. The President is a visionary leader, and we are prepared to present this bill to his desk.”