Leading bank Standard Chartered forecasts Bitcoin's price will soar to $500,000 by 2028 following President Donald Trump's proposal to create a Crypto Strategic Reserve.
Trump's Crypto Reserve Fuels Bitcoin's $500K Prediction
President Donald Trump announced the formation of a Crypto Strategic Reserve featuring major digital currencies. This announcement drives Bitcoin closer to the $500,000 mark, according to Geoff Kendrick, Head of Digital Asset Research at Standard Chartered. "We have moved from selling rallies to buying dips. And hence I re-focus on my $500,000 bitcoin target," Kendrick commented.
Bitcoin Hits $93,000 in Post-Announcement Surge
Following the announcement, Bitcoin's price rose to approximately $93,000, showcasing the immediate effect. Cardano and XRP followed suit, with significant gains. Market analysts express potential for further financial implications. The proposed reserve accelerates Bitcoin's growth potential, impacting investment strategies across the sector.
Crypto Reserve Seen as Governmental Shift and Gold Rival
This move marks a pivotal shift in governmental attitudes toward digital currencies. Historical governmental support has traditionally caused significant market movements. Brian Armstrong, CEO of Coinbase, and Senator Cynthia Lummis emphasize the reserve's potential impact on Bitcoin. "Every legislator is giving this legislation a serious look. We are ready to get this bill to his desk," Senator Lummis stated.
The announcement of Trump's crypto reserve and Standard Chartered's prediction for Bitcoin to reach $500,000 by 2028 signify major changes and could be a milestone in digital asset development on the global financial market.
