Standard Chartered’s head of digital asset research, Geoffrey Kendrick, maintains a bullish outlook on Bitcoin (BTC) despite a recent correction that has seen the crypto asset decline 25% from its all-time high set in January.
Kendrick mentioned in a CNBC interview that the “significant negativity” directed towards the crypto sector has brought Bitcoin down to levels not seen for about four months.
“These are certainly challenging times; however, I still believe the medium-term outlook remains very, very positive.”
Kendrick anticipates that Bitcoin could increase by 145% this year and potentially reach up to 513%, or nearly 6x, by early 2029.
“The medium-term upside potential indicates that Bitcoin could rise to $200,000 this year and hit $500,000 before Trump leaves office.”
When discussing the factors that could propel Bitcoin towards a price of half a million dollars, Kendrick asserts,
“We expect to see more regulatory clarity throughout the year. This includes stablecoin regulations, along with know-your-client (KYC) regulations that could benefit the industry and further legitimize it.
As a result, we will likely see increased participation from US banks and larger institutions in the country continuing to advance in this area.
Moreover, in terms of exchange-traded funds (ETFs), we have yet to witness significant involvement from long-term pension funds in the US. I’m referring to state pension funds, which hold enormous assets—around $40 trillion—yet currently represent only 1% of all ETFs in the US. This long-term sector has much room for participation.
More regulatory clarity will facilitate this development. Additionally, sovereign involvement is crucial. So far, the only sovereign known to have invested in ETFs is the Abu Dhabi Sovereign Wealth Fund, and I anticipate seeing more similar investments manifest this year, with long-term pension funds and sovereigns entering the market.”
As of now, Bitcoin is trading at $81,575.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should conduct their own due diligence before engaging in high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please be aware that your transfers and trades are at your own risk, and any losses incurred are your responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor act as an investment advisor. Note that The Daily Hodl engages in affiliate marketing.
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