Bitcoin Could Hit $500,000 by 2028, Predicts Standard Chartered’s Geoffrey Kendrick

Bitcoin Could Hit $500,000 by 2028, Predicts Standard Chartered’s Geoffrey Kendrick

Bitcoin’s long-term trajectory could see it soar to $500,000 by 2028, according to Geoffrey Kendrick, Standard Chartered’s global head of digital assets research. In a recent email to The Block, Kendrick highlighted two key drivers behind this ambitious projection: greater investor accessibility and declining volatility.

“Access is improving under the Trump administration,” Kendrick stated. “Institutional inflows are gaining momentum, and as the quality of these inflows improves—along with the expansion of financial infrastructure, such as options markets—volatility will continue to decline.”

These factors, Kendrick believes, will be sufficient to propel Bitcoin to half a million dollars before Trump leaves office.

At present, Bitcoin is trading at approximately $98,700, according to The Block’s Bitcoin price tracker.

How Institutional Access and Lower Volatility Could Fuel Bitcoin’s Surge

In a report released Wednesday, Kendrick pointed to the launch of U.S. spot Bitcoin ETFs in January 2024 as a pivotal development in broadening investor participation. The ETFs have already attracted a staggering $39 billion in net inflows, a figure that underscores the growing demand for institutional-grade Bitcoin investment vehicles.

As the ETF market matures, Kendrick anticipates that Bitcoin’s volatility will gradually subside, further enhancing its appeal to institutional investors. He specifically cited the growth of options markets and the increasing presence of institutional counterparties as factors that will help stabilize price swings.

Drawing a parallel to gold’s price surge following the introduction of exchange-traded products (ETPs) in 2004, Kendrick noted that gold experienced a 4.3x increase in value over a seven-year period. He believes Bitcoin ETFs could follow a similar trajectory—but within just two years.

“As volatility declines, Bitcoin’s weighting in an optimized two-asset portfolio alongside gold increases,” Kendrick explained. “Improved investor access and reduced volatility should drive long-term price appreciation as portfolios adjust toward their optimal structure.”

Trump Administration Policies Could Further Boost Bitcoin’s Adoption

Beyond the maturing ETF market, Kendrick sees additional tailwinds stemming from regulatory changes under the Trump administration. Specifically, he highlighted the recent repeal of SAB 121, a policy shift that lifted accounting restrictions for companies holding digital assets.

Additionally, Kendrick pointed to Trump’s executive order to evaluate a national digital asset stockpile, suggesting that such a move could encourage central banks to explore Bitcoin investments.

Given these developments, Standard Chartered remains firm on its long-term Bitcoin price targets:

• $200,000 by the end of 2025
• $300,000 by the end of 2026
• $400,000 by the end of 2027
• $500,000 by the end of 2028, maintaining that level through 2029

With institutional adoption accelerating and Bitcoin’s financial infrastructure expanding, Kendrick’s forecast paints an increasingly bullish picture for the world’s leading cryptocurrency.