Just one day after U.S. President Donald Trump announced that Bitcoin is going to “at the heart” of a national strategic crypto reserve, Standard Chartered Bank’s Head of Digital Asset Research Geoff Kendrick stated that he is now re-focusing on his “$500,000 bitcoin price target.”
“We have moved from selling rallies to buying dips,” Kendrick reportedly stated in an email. “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 further discussed that Trump’s embrace of Bitcoin in a strategic reserve could fuel individual states to also adopt bitcoin reserves of their own, and eventually, hold as much bitcoin as the federal government all together.
VanEck’s Matthew Sigel also recently put out a recent report on the potential accumulation of bitcoin by individual states, showcasing that if signed into law, the demand from these 20+ strategic bitcoin reserve bills could see states purchase over 242,787 BTC. You can track the status of these bills here on Bitcoin Laws.
Trump’s announcement of an official Bitcoin reserve potentially also may fuel support for Senator Cynthia Lummis’ Strategic Reserve Bill, unveiled at the Bitcoin 2024 Conference in Nashville last summer, which would see the U.S. purchase 200,000 bitcoin per year until it has bought 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 bill, and said 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.”
Credit: Source link
