Geoffrey Kendrick, the head of digital asset research at Standard Chartered Bank, shared his views on the recent Bitcoin price drop and made a bold prediction for its future in an interview with CNBC. Despite short-term fluctuations, Kendrick expects Bitcoin to hit $200,000 this year and $500,000 by the end of Trump’s presidency. He mentioned the impact of political changes on investor sentiment, stating that the Trump administration will have a positive effect on Bitcoin in the medium term. Kendrick also referred to the withdrawal of around $3 billion from Bitcoin spot ETFs since Trump’s inauguration, emphasizing that deeper institutional involvement and legal transparency, especially regarding stablecoin regulations and identity verification, could lead to a wave of institutional and even governmental capital inflow.
