Trump's Bitcoin Bet: $500K Target Reaffirmed

Standard Chartered Bank's Head of Digital Asset Research, Geoff Kendrick, has refocused on his $500,000 bitcoin price target following U.S. President Donald Trump's announcement that Bitcoin will be at the heart of a national strategic crypto reserve. Kendrick stated that the bank has moved from selling rallies to buying dips, aligning with their previous expectations of Bitcoin reaching $200,000 by the end of 2025, $300,000 by the end of 2026, $400,000 by the end of 2027, and $500,000 by the end of 2028.

Trump's embrace of Bitcoin in a strategic reserve could potentially fuel individual states to adopt bitcoin reserves of their own. VanEck's Matthew Sigel recently reported that if signed into law, the demand from 20+ strategic bitcoin reserve bills could see states purchase over 242,787 BTC. Additionally, Senator Cynthia Lummis' Strategic Reserve Bill, which aims to have the U.S. purchase 200,000 bitcoin per year until it has bought 1,000,000 BTC, may gain further support due to Trump's announcement.