Bitcoin Will Still Hit $500,000 Before Trump Leaves Office, Standard Chartered Analyst Maintains

Geoff Kendrick, Standard Chartered’s Head of Digital Assets Research, offers a cautiously optimistic outlook for cryptocurrencies amid recent market turbulence.

What Happened: In an interview on CNBC on Thursday, Kendrick acknowledged the positive medium-term outlook for cryptocurrencies under Trump.

He cited the removal of SAB 121 as a significant development that has eased restrictions on U.S. financial institutions entering the crypto space.

Kendrick noted that recent policy initiatives, particularly around tariffs, have created uncertainty for risk assets, including cryptocurrencies.

“Initiatives in the last couple of weeks have been very confusing for risk assets, and that’s the biggest story here that’s been driving crypto prices lower,” Kendrick stated. He pointed to tariffs on Canada, Mexico and the EU as sources of market uncertainty.

Despite the recent downturn, Kendrick remains bullish on Bitcoin‘s BTC/USD long-term prospects, projecting a price target of $200,000 this year and $500,000 before Trump leaves office.

He emphasized the importance of regulatory clarity and increased institutional participation in driving future growth.

Addressing recent market volatility, Kendrick noted significant outflows from Bitcoin ETFs, estimating that investors who bought since Nov. 6 are currently facing $2 billion in losses.

He attributed some of the selling pressure to newer investors and the crypto market’s still heavily retail-oriented nature.

What’s Next: Kendrick highlighted potential catalysts for renewed institutional buying, including further regulatory clarity, particularly around stablecoins and KYC regulations.

He also pointed to the untapped potential of long-term pension funds and sovereign wealth funds, noting that Abu Dhabi’s sovereign wealth fund already owns 4,700 Bitcoin equivalent of BlackRock’s IBIT, the largest Bitcoin ETF by net assets.

In a note to Benzinga in early February, Kendrick had advised against buying the dip, suggesting that investors should wait for signs that growth fears are outpacing inflation concerns before re-entering the market.

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