A prominent analyst from Standard Chartered maintained an optimistic outlook for Bitcoin, anticipating a dramatic surge to $500,000 during Donald Trump’s presidency, despite a recent slump that saw the cryptocurrency hitting a three-month low.
As per a CNBC report, Geoffrey Kendrick, head of digital assets research at Standard Chartered, disclosed that he remained bullish on Bitcoin, predicting its value to reach $200,000 this year.
Kendrick pointed at traditional financial players as a key factor for the crypto ecosystem and underscored the importance of institutional involvement, as well as regulatory clarity for Bitcoin to be less volatile.
Earlier this week, Bitcoin’s value dipped to below $90,000, hitting its three-month low. The analyst noted that digital currencies have generally declined, influenced by uncertainties surrounding tariffs and the outcomes of significant conflicts like those between Russia and Ukraine, and between Israel and Gaza.
Additionally, cryptocurrency enthusiasts have a favorable perspective on Trump due to his endorsement of digital currencies.
This was highlighted in January when Trump issued an executive order aimed at fostering the growth of cryptocurrencies in the U.S. and initiating the creation of a national digital asset reserve.
