Standard Chartered Forecasts Bitcoin to Hit $500,000 by 2028
The post Standard Chartered Forecasts Bitcoin to Hit $500,000 by 2028 appeared first on Coinpedia Fintech News
In a latest development, Standard Chartered, a British multinational bank, has issued a bold prediction that Bitcoin (BTC) could reach $500,000 before Donald Trump’s presidency ends. The bank expects this price surge due to a more favorable regulatory environment and increased access to Bitcoin.
Bitcoin’s Market Cap To Surpass Apple and Microsoft?
Notably, it forecasts Bitcoin will hit $200,000 in 2025, and then steadily rise to $300,000 in 2026, $400,000 in 2027, and finally hit $500,000 in 2028, before stabilizing the following year.
Bitcoin is currently priced at $98,600, up 43% from $68,800 before Trump’s November election win. Standard Chartered prediction of $500,000 could mean a 407% increase from the current position. At that price, Bitcoin’s market cap would possibly hit $10.5 trillion, surpassing Apple and Microsoft, and account for about half of gold’s $19.4 trillion market cap.
“The ETFs have attracted a net $39 billion of inflows so far, supporting the theory of pent-up demand being unleashed by increased access,” Global Head of Digital Assets Research at Standard Chartered, Geoff Kendrick, wrote in a release.
ETFs to Drive Bitcoin Growth
Standard Chartered sees significant growth potential for Bitcoin, largely due to the increased investor access following the introduction of Bitcoin spot exchange-traded funds (ETFs) in the U.S. in January 2024. This development is expected to drive further demand and boost Bitcoin’s value.
Besides, Kendrick noted that the U.S. regulatory environment is becoming more favorable, highlighting the repeal of Staff Accounting Bulletin (SAB) No. 121, which required companies to list digital assets as liabilities, as an “important step” for the industry.
Digital Assets Stockpile Crucial
Furthermore, Kendrick also notes that Trump’s January 23 order to evaluate a national digital assets stockpile is crucial, as it could prompt other central banks to consider Bitcoin investments. Standard Chartered believes this could reduce Bitcoin’s volatility, making it more appealing to traditional investors who were previously wary of price swings. As volatility decreases, Bitcoin’s role in a balanced portfolio with gold will grow, leading to long-term price gains as portfolios adjust to their optimal state.
