Bitcoin's Price to Hit $500,000 by 2028: Standard Chartered

Bitcoin's price is expected to reach $500,000 by 2028, according to a new projection by Standard Chartered. The bank's head of digital asset research, Geoffrey Kendrick, believes that favorable market conditions, including soaring institutional interest and positive regulations, will drive the cryptocurrency's price to new heights.

Institutional interest has been a significant factor in Bitcoin's price growth over the past 18 months. In 2023, spot Bitcoin ETF applications helped the market recover from the 2022 crypto winter, and the Securities and Exchange Commission's (SEC) approval of these funds fueled a new chapter of institutional inflows. Kendrick projects that more traditional firms will widen their market exposure this year, reducing volatility and building sustainability peaks.

Trump's pro-crypto policy is also expected to play a crucial role in Bitcoin's price surge. The president's order to evaluate a potential national digital assets stockpile could encourage other central banks to consider Bitcoin investments. Additionally, the Federal Deposit Insurance Corporation (FDIC) plans to revise regulations to allow banks to offer Bitcoin and crypto-related services.

Standard Chartered has previously placed a $200,000 BTC price target for this year and a $300,000 mark by 2026. These factors could fuel the crypto leader to break these points in anticipation of $500,000 in 2028.