Bitcoin to Hit $500,000 Before Trump Leaves Office

Despite recent volatility, Standard Chartered’s top crypto strategist, Geoffrey Kendrick, maintains his bullish outlook on Bitcoin, forecasting a potential surge to $500,000 during Donald Trump’s presidency.

Bitcoin’s Path to $200,000 in 2024

In an interview with CNBC’s “Squawk Box Europe”, Kendrick projected that Bitcoin will reach $200,000 this year, fueled by growing institutional adoption and regulatory clarity in the U.S.

“Within the crypto ecosystem, what we need are traditional financial players, like Standard Chartered, like BlackRock, and others that have the ETFs now to really step in,” Kendrick said.

He emphasized that the increasing institutionalization of the industry should reduce volatility and minimize negative headlines, such as the recent $1.5 billion hack on crypto exchange Bybit.

Market Volatility and Bitcoin’s Recent Decline

Bitcoin recently fell to a three-month low of $86,418, marking a 20% drop from its all-time high of $108,786 in January. Kendrick attributed the decline to global uncertainty, including conflicts in Russia-Ukraine and Israel-Gaza, as well as concerns over tariffs.

“Risk assets don’t like uncertainty, and so that’s what we’ve seen. We’ve seen tech stocks in the U.S. coming lower,” Kendrick explained.

However, he expects improved regulatory developments later this year, particularly in areas like stablecoins and anti-money laundering, which should further legitimize the industry and drive institutional investment.

Trump’s Crypto Policies and Market Optimism

Crypto investors see Trump’s presidency as a positive force for digital assets. Following his re-election, Bitcoin surged past $100,000 in December.

In January 2025, Trump signed an executive order promoting crypto innovation and establishing a national digital asset stockpile. His administration’s pro-crypto stance has attracted massive financial backing, with crypto investors and companies contributing millions to his campaign.

With these factors aligning, Kendrick believes Bitcoin’s trajectory remains bullish, potentially soaring to $500,000 before Trump leaves office.