⸺ Bull case · February 4, 2025 ⸺
Standard Chartered (Geoffrey Kendrick)
Head of Digital Assets Research, Standard CharteredInstitution
“$500,000 by end-2028 is 100% achievable.”
Price at the call
$97,795
Today
$61,577
Target · 2028 (pushed toward 2030)
$500K
Boldness of the call×5.11
Progress to target0.0%
Needs another ×8.1 from today’s $61,577.
If you’d listened
×0.63
-37% since the call
Annualized audacity
72%/yr
required return per year
Skin in the game
38/100
Bank research desk — a forecast, no fund.
The first major bank with a $500k target, framing Bitcoin as a structurally underweight allocation alongside gold. Kendrick cut nearer-term targets in December 2025 and pushed $500k toward 2030, conceding future gains would be 'driven by one leg only — ETF buying.'