Bitcoin could potentially reach $500,000 by the end of 2028, as institutional inflows increase, volatility decreases, and regulatory changes under the Trump administration provide greater investor access, according to Standard Chartered’s analysis.
Geoffrey Kendrick, the head of digital assets research at Standard Chartered, predicts that bitcoin’s price could reach $500,000 by the end of 2028. He attributes this projected increase to improved investor access and reduced volatility, which he believes will support long-term growth. Kendrick outlined his forecasts in an email to The Block, stating:
“We are aiming for bitcoin to reach the $200,000 level by the end of 2025. Following that, we expect bitcoin to reach levels around $300,000 by the end of 2026, $400,000 by the end of 2027, and $500,000 by the end of 2028, and remain at that level until the end of 2029.”
Kendrick acknowledges the short-term volatility of bitcoin but remains confident in its long-term growth. He attributes this confidence to the increasing institutional investment and expanding financial infrastructure, including options markets. He also highlights the potential regulatory changes under the Trump administration, stating, “Access is improving under the Trump administration. Institutional inflows will continue to increase, and volatility will gradually decrease as the quality of the inflows improves and the infrastructure expands.” Kendrick believes that these factors could drive bitcoin’s price to $500,000 before Trump’s term ends.
The head of digital assets research at Standard Chartered also emphasizes the impact of the U.S. spot bitcoin ETF market, which was launched in January 2024 and has attracted $39 billion in net inflows. He expects the expanding infrastructure to reduce bitcoin’s volatility. Drawing a parallel with gold, which saw a 4.3-fold increase in price after the introduction of ETPs in 2004, Kendrick predicts a similar surge in bitcoin’s price within two years, compared to gold’s seven-year timeframe. He explains:
“As volatility decreases, bitcoin’s share in an optimized portfolio consisting of bitcoin and gold increases.”
Looking beyond the ETF market, Kendrick identifies regulatory changes under the Trump administration as potential catalysts for bitcoin’s price growth. One significant development is the repeal of SAB 121, which removed accounting restrictions for companies holding digital assets. Additionally, Trump’s directive to evaluate the feasibility of a national digital asset stockpile may influence central banks to consider bitcoin as a viable investment, according to Kendrick’s proposal.
