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Standard Chartered Standard cryptography analyst still sees the price of bitcoin reaching $ 500,000 during the presidency of Donald Trump – even after a sale that has flowed the largest digital currency in the world at three months.
Geoffrey Kendrick, who heads research on digital assets at Standard Charterd, told CNBC that he thought Bitcoin would reach the $ 200,000 mark this year before climbing even further in the coming years.
“In the cryptography ecosystem, what we need are traditional financial actors, as Standard charteredas Blackrock And others who have the ETF now to really intervene, “Kendrick said in an interview with” Squawk Box Europe “of CNBC on Thursday.
“As the industry becomes more institutionalized, it should be safer,” said Kendrick, adding that this should lead to fewer negative titles – like the recent $ 1.5 billion hack on the cryptocurrency exchange ticket last week.
This increase in the adoption of institutions cryptography, associated with “regulatory clarity” in the United States, is expected to lead to less volatility over time, he added.
“This should add to this higher potential in the medium term, which is for me up to $ 200,000 this year, and $ 500,000 before Trump leaves his duties,” Kendrick told CNBC.
Kendrick said that the catalyst necessary for major financial institutions to gain confidence to invest in Bitcoin and other cryptographic assets is prices stabilization and increased regulatory clarity.
Bitcoin at the start of this week, sank at a three -month hollow below $ 90,000 in the middle of the world’s stock market markets. Thursday, the token was negotiated at $ 86,418. This means that it is down approximately 20% compared to a summit of $ 108,786, to which the room culminated in January, according to Coingecko data.
Kendrick de Standard Charterd said that digital currencies have dropped more widely due to uncertainty about prices and resolutions for great wars such as Russia-Ukraine and Israel-Gaza.
“Risk assets do not like uncertainty, so that is what we have seen. We have seen technological actions in the United States below,” said Kendrick, adding that Bybit’s violation has also contributed to the negative feeling surrounding the crypto more widely.
It expects the Crypto’s prospects to improve later in the year while traders expect key regulatory developments in industry, such as new rules around stable and money laundering.
“This should legitimize more, so you will see more American banks involved. You will see the major institutions in the United States continue to pass,” said Kendrick.
Kendrick was one of the many market analysts who predicted a doubling of the Bitcoin price this year at $ 200,000. Bitcoin crossed the upper $ 100,000 mark in December following the Trump election to the American presidency.
Cryptographic bulls see Trump being positively given its support for digital currencies. In January, Trump signed an executive decree promoting the progress of cryptocurrencies in the United States and developing a stock of national digital assets.
Investors, companies and Crypto leaders represented almost half of the corporate donations during the 2024 electoral cycle, with a tens of millions of dollars in Trump’s campaign.
