Standard Chartered’s head of digital assets research, Geoffrey Kendrick, predicts bitcoin could reach $500,000 by the end of 2028. He attributes this potential rise to improved investor access and declining volatility, which he believes will support long-term growth. Kendrick outlined his projections in an email to The Block, stating:

We continue to target BTC to reach the $200,000 level by year-end 2025. Thereafter, we see BTC reaching levels around $300,000 by end-2026, $400,000 by end-2027, and $500,000 by end-2028, remaining there until end-2029.

Kendrick acknowledges bitcoin’s short-term volatility but remains confident in its long-term growth, citing rising institutional investment and expanding financial infrastructure, including options markets. He highlighted potential regulatory shifts under the Trump administration, stating, “Access is improving under the Trump administration. Institutional inflows will continue to gather pace, and vol will gradually come lower as the quality of flows improves and other infrastructure expands.” He believes these factors could push bitcoin to $500,000 before Trump leaves office.

The Standard Chartered head of digital assets research highlighted the impact of the U.S. spot bitcoin ETF market, which launched in January 2024 and has amassed $39 billion in net inflows. He expects expanding infrastructure to reduce BTC’s volatility. Citing gold’s 4.3-fold rise after ETPs debuted in 2004, he predicted a similar bitcoin surge within two years instead of gold’s seven. He detailed:

As vol falls, bitcoin’s share of an optimized two-asset portfolio with gold increases.

Looking beyond the ETF market, Kendrick identified regulatory shifts under the Trump administration as potential catalysts for bitcoin’s price growth. One key development was the repeal of SAB 121, which eliminated accounting restrictions for companies holding digital assets. In addition, Trump’s directive to assess the feasibility of a national digital asset stockpile might influence central banks to view bitcoin as a viable investment, Kendrick proposed.

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