Standard Chartered Stiy Sees Bitcoin Hitting $ 500,000 Despite Recent Selloff

Standard Chartered’s Bulish Crypto Analyst Still Sees Bitcoin’s Price Hitting $ 500,000 during DURING DONALD Trump’s Presidency – Eveen after a Selloff That Sank The World’s Large Three-month low.

Geoffrey Kendrick, Who Heads Up Digital Assets Research at Standard Chartered, Told CNBC He Believes Bitcoin will have the $ 200,000 Mark this year before Climbing Eveen Furthar In the COMING

“Within the crypto ecosystem, what we need are traditional financial players, like Standard CharteredLike Blackrock And others that have the etfs now to really step in, “Kendrick said in an interview with CNBC’s” Squawk Box Europe “Europe”

“As the industry become more institutionalized, it should be safer,” Kendrick said, adding that this should result in more negative headlines – such as the recent $ 1.5 billion hack on cryptocurrency exchange bybit Last Week.

This increase in Crypto adoption by institutions, coupled with some “regulatory clarity” in the US, should lead to less Volativity over time, he added.

“That should add to that medium term, top-bus potential, which for me is bitcoin up to $ 200,000 this year, and $ 500,000 before trump leaves office,” Kendrick Told CNBC.

Kendrick said the catalyst Necessary for Large Financial Institutions to Gain Confidence to Invest in Bitcoin and other Crypto Assets is a Stabilization in Pries and Increased Regulatory Clarity.

Bitcoin earlier this week Sank to a three-month low beLow $ 90,000 AMID Declines in Global Equity Markets. As of Thursday, the token was trading at $ 86,418. That means it’s down about 20% from an all-time high of $ 108,786, which the coin peaked at in January, according to coingcko data.

Standard Chartered’s Kendrick Said Digital Currencies Have Dropped More Broadly Due to Uncertainty Around Tarifs and Resolutions to Major Wars Such as Russia-time and israel-gazaa.

“Risk assets do’t like uncertainty, and so that’s what we’ve seen. Sentiment Surrounding Crypto More Broadly.

He expects the outlook for crypto will improve later in the year as traders await key regulatory developments in the industry, such as new Rules Around StableCoins and Money Laundering.

“That should further legitimize, so you’ll See more us banks involved. You’ll see larger institutions in the US Continue to Push Through,” Kendrick Said.

Kendrick was one of the numerous market analysts who Predicted a doubling In bitcoin’s price this year to $ 200,000. Bitcoin broke the highly anticipated $ 100,000 mark in December Folling Trump’s Election to the Us Presidency.

Crypto Bulls View Trump positively giving his support for digital currencies. In January, Trump Signed an Executive Order Promoting the advancement of cryptocurrencies in the US and development a national digital asset stockpile.

Crypto Investors, Companies and Executives Accounted for almost half of corporate donations in the 2024 election cycle, with some contributing tens of millions of dollars to trump’s campaign.