Just one day after US President Donald Trump announced that Bitcoin will “in the heart” of a national strategic cryptor reserve, said Standard Chartered Bank’s head of digital asset research Geoff Kendrick that he is now focusing on his “$ 500,000 Bitcoin price target.”
“We have moved from selling rallies to buying dips,” Kendrick said in an E email. “And that’s why I’m focusing on my $ 500,000 Bitcoin goal … Given this development that is in line with our previous expectations, we will continue to target Bitcoin to reach $ 200,000 at the end of the year 2025. the end of 2029.
Kendrick also discussed that Trump’s embrace of Bitcoin in a strategic reserve could burn individual states to also adopt Bitcoin reserves of their own and eventually keep as much bitcoin as the federal government all together.
Vaneck’s Matthew Sigel also recently issued a recent report on the potential accumulation of bitcoin from individual states showing that if signed in the law, the demand of these 20+ strategic Bitcoin reserve calculations could see states buy over 242,787 BTC. You can track the status of these bills here at Bitcoin Love.
Trump’s announcement of an official Bitcoin reserve potentially can also fuel for the support of Senator Cynthia Lummis’ strategic reserve -law proposal, revealed on the Bitcoin 2024 conference in Nashville last summer, which would see the US buy 200,000 Bitcoin a year until it has purchased 1,000,000 BTC. Lumming has already met Trump’s new crypto -czar David Sacks and Treasury Secretary Scott Bessent about his Bitcoin Reserve Bill, and said in January that “Every legislature gives this legislation a serious look. The time is now. The president is a visionary leader and we are ready to get this bill for his desk. “