Standard Chartered analyzed that Bitcoin could rise further and reach a new all-time high if concerns about the Federal Reserve's independence persist. Bitcoin is currently attracting attention as a representative decentralized hedge asset against risks in the traditional financial system.
According to The Block on the 22nd (local time), Geoffrey Kendrick, head of digital asset research at Standard Chartered, said, "Threats to the Fed's independence are a typical government risk scenario where Bitcoin could show strength," and "The key market variable is political pressure, such as the possibility of replacing Jerome Powell as chairman."
He particularly noted that the 10-year Treasury bond term premium is at its highest in 12 years, pointing out that Bitcoin's price is lagging behind. Kendrick explained, "While the correlation between Bitcoin and term premium has been strong since 2024, Bitcoin has not properly reflected this recent rise," adding that "this is because Bitcoin is reacting to macro news like high-growth tech stocks."
Bitcoin is currently trading at around $91,200, up about 4% in the last 24 hours. Kendrick emphasized, "If concerns about Fed independence continue, Bitcoin will establish a basis for a strong rebound," and "If this trend continues, achieving the next all-time high is possible."
He defined Bitcoin's role as a "hedge to protect assets from risks in government and private financial systems," adding, "When risks are not highlighted, Bitcoin moves like a tech stock, but currently, government risks are becoming a reality."
Kendrick maintains a price target of $200,000 for Bitcoin by the end of 2025 and $500,000 by the end of 2028, and simultaneously predicted that AVAX could rise more than 10 times to $250 by 2029. He analyzed that XRP could reach $12.50 by 2028, and proposed a lower target of $4,000 for Ethereum.
Additionally, he forecast that the stablecoin market will grow about 10 times to $2 trillion by 2028, triggered by regulatory improvements in the United States. Standard Chartered's research team stated that they "perform analysis without personal digital asset holdings."
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