Standard Chartered Bank: Bitcoin may continue to rise if the risk of Fed independence persists

Odaily News Geoffrey Kendrick, head of digital asset research at Standard Chartered Bank, said that if the independence of the Federal Reserve is under continued threat, Bitcoin may rise further. The current market concerns that Federal Reserve Chairman Powell may be replaced have pushed the 10-year U.S. Treasury term premium to a 12-year high, and Bitcoin is still lagging behind in its response.
Kendrick pointed out that the core role of Bitcoin in the portfolio is to combat the risks of the traditional financial system, including bank failures or policy interventions. Historical data shows that since 2024, the correlation between Bitcoin and the U.S. Treasury term premium has increased. He believes that Bitcoin is expected to catch up with recent gains.
He reiterated that the target price of Bitcoin by the end of the year is $200,000 and the target by 2028 is $500,000. In addition, he expects the total market value of stablecoins to increase to $2 trillion by 2028, and is optimistic about AVAX rising to $250 and XRP rising to $12.5. (The Block)