Just a day after President Donald Trump announced that Bitcoin would become the “center” of a national strategic crypto sanctuary, Jeff Kendrick, head of digital assets research at Standard Charter Bank, said he was refocusing on the “$500,000 Bitcoin price target.”
“We have moved from selling gatherings to buying dip,” Kendrick reportedly said in an email. “Therefore, I'm refocusing on the $500,000 Bitcoin target. These developments continue to target Bitcoin as much as $200,000 by 2025, in line with previous expectations. Bitcoin will then reach $300,000 by the end of 2026 and $500,000 by the end of 2027 by the end of 2027.
Kendrick further argued that Trump's Bitcoin embrace in strategic reserves could use individual states as fuel, adopting their own Bitcoin reserves, and ultimately as much Bitcoin as the federal government.
Vaneck's Matthew Sigel recently released a recent report on the potential accumulation of Bitcoin by individual states, indicating that demand from these 20 or more strategic Bitcoin reserve bills can see purchases of over 242,787 BTC if they sign the law. You can track the status of these invoices through Bitcoin Act here.
The announcement of Trump's official Bitcoin reserve could also potentially fuel his support for Sen. Cynthia Ramis' strategic reserve bill, which was announced at the Bitcoin 2024 conference in Nashville last summer. Lummis has already met Trump's new Crypto Czar David Sacks and Treasury Secretary Scott Bessent about her Bitcoin reserve bill, saying in January “all lawmakers are giving this law a serious look.” The time has come. The President is a visionary leader and we are ready to take this bill to his desk. ”
