Bitcoin (BTC) could hit $500,000 by 2028, according to Geoffrey Kendrick, Head of Digital Asset Research at Standard Chartered.
Kendrick also sees Bitcoin reaching $200,000 by the end of 2025, a significant jump from its current trading levels.
Standard Chartered Maps Bitcoin’s Path to $500,000
In a February 5 investor note titled “Bitcoin—Pathway to the USD 500,000 Level,” Kendrick outlined the two primary factors influencing Bitcoin’s price trajectory. His bullish outlook builds on increasing institutional access and declining market volatility.
The approval of US spot Bitcoin exchange-traded funds (ETFs) has significantly enhanced investor access, a trend Kendrick expects to accelerate under Donald Trump’s administration.
“The ETFs have attracted a net $39 billion of inflows so far, supporting the theory of pent-up demand being unleashed by increased access,” Kendrick stated in the note.
Furthermore, as the ETF market matures, Kendrick expects Bitcoin’s volatility to decline. A more stable BTC market could encourage further adoption among institutional investors. This, in turn, would increase its weight in a gold-Bitcoin portfolio.
“Investor access and lower volatility should lead to price appreciation longer-term as portfolios continue to move towards their optimal/logical state,” he added.
According to Kendrick, this shift will contribute to Bitcoin’s long-term price appreciation.
“Access plus lower vol could see Bitcoin reach the USD 500,000 level before Trump leaves office,” he explained.
In addition to the two core factors, Kendrick highlighted the repeal of SAB 121 and Trump’s executive order on a digital asset stockpile as key developments that could encourage central bank adoption.
Based on these factors, he predicts the price will reach $200,000 by 2025 and $300,000 by 2026. By 2027, it could hit $400,000, followed by $500,000 in 2028. He expects it to remain stable at that level through 2029.
Bloomberg’s senior ETF analyst Eric Balchunas reacted to the report in an X (formerly Twitter) post.
“Standard Chartered is mainlining the hopium again, says Bitcoin will hit $500K by end of Trump term. Tbf tho, their crazy Bitcoin ETF flow prediction was actually closer than we were, so who knows!” Balchunas stated.
Crypto investor Thomas Kralow echoed a similar sentiment, acknowledging that while bold, the forecast isn’t entirely unrealistic.
“Time will tell whether those predictions are close to reality or not, but it’s not something completely unreal,” he remarked.
The latest prediction comes after Standard Chartered had projected Bitcoin to reach $125,000 by 2024. This prediction was contingent on Republican victory in the US elections.
Following Trump’s election win, Bitcoin surged past $100,000 in early December. Although it has yet to cross $125,000. The latest all-time high was $108,786 on January 20, just hours before Trump’s inauguration.
Since then, Bitcoin has experienced sharp corrections, dipping frequently below the six-digit mark. At press time, BTC traded at $98,093, up by 0.57% over the past day.
Standard Chartered isn’t alone in its optimistic Bitcoin outlook. CryptoRank also predicts that Bitcoin will hit new all-time highs in 2025. The platform expects central banks to adopt Bitcoin as a reserve currency, further solidifying its long-term value.
“Bitcoin DeFi will emerge as one of the leading narratives. An increasing number of S&P 500 companies will hold Bitcoin,” the report read.
However, the report emphasized that continued Bitcoin growth depends on US regulatory policies. If the government adopts a pro-Bitcoin stance, the price could rise further. Conversely, regulatory pushback might trigger a market correction.
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