Bitcoin was announced by Donald Trump, the U.S. president on Tuesday. “at the heart” Geoff Kendrick is the Head of Digital Asset Research at Standard Chartered Bank. He has stated he will now refocus on his research. “$500,000 bitcoin price target.”
“We have moved from selling rallies to buying dips,” Kendrick reportedly Email stating the above. “And hence I re-focus on my $500,000 bitcoin target…Given these developments, which align with our previous expectations, we continue to target Bitcoin to reach $200,000 by year-end 2025. Thereafter, we expect Bitcoin to reach $300,000 by the end of 2026, $400,000 by the end of 2027, and $500,000 by the end of 2028, where it will likely remain until the end of 2029.”
Kendrick also discussed how Trump’s adoption of Bitcoin as a strategic reserve may encourage individual states to adopt their own bitcoin reserves and, eventually, have as much Bitcoin as the Federal Government.
Matthew Sigel of VanEck also published a new report on bitcoin accumulation by states. It showed that, if passed into law, these strategic bills for bitcoin reserves could lead to states purchasing over 242,787 BTC. These bills can be tracked. here on Bitcoin Laws.
The announcement by Trump of an official Bitcoin Reserve could also fuel Senator Cynthia Lummis’ Strategic Reserve Bill. This bill, announced at the Bitcoin 2024 Conference held in Nashville, Tennessee last summer, would have the U.S. buy 200,000 Bitcoins per year, until they reach 1,000,000 BTC. Lummis met Trump’s newly appointed Crypto Czar. David Sacks Treasury Secretary Scott Bessent About her Bitcoin Reserve Bill, and said In January, “Every legislator is giving this legislation a serious look. The time is now. The President is a visionary leader and we are ready to get this bill to his desk.”
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Source: bitcoinmagazine.com
