Standard Chartered Bank Sets Ambitious Bitcoin Price Target

Standard Chartered Bank has made a significant prediction for the future price of Bitcoin, setting a target of $500,000 by 2030. This estimate is based on the bank's analysis of supply scarcity and increasing institutional demand for the cryptocurrency.

The bank's Global Head of Digital Assets Research, Geoff Kendrick, explained that his model treats Bitcoin as 'digital gold' with a hard cap of 21 million coins. He believes that if Bitcoin were to capture gold's full market capitalization, its value would be closer to $1.6 million per coin.

Kendrick also noted that the bank's previous targets for Bitcoin's price have been surpassed. In 2021, he forecast a price of $100,000 to $200,000 by the end of the year, and in December 2024, the bank raised its target to $200,000 by 2025.