The presence of new ‘Liberation Day’ tariffs from the returning Trump administration has thrown the US financial markets into a spiral. Indeed, the US stock market and cryptocurrency sector have struggled amid the action. However, Standard Chartered Bank is still bullish on Bitcoin, reiterating the asset’s $500k target for Trump’s second term.
The bank had previously said that the leading cryptocurrency could reach the landmark price before the end of Trump’s second stint in the Oval Office. However, that has come into question amid the recent downturn that has caused the asset to fall below the $82,000 level. However, the belief in its eventual resurgence is still held firm by analysts for some key reasons.
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Standard Chartered Reaffirms Bitcoin to $500k Before 2028
The US stock market is in shambles Thursday, with the Dow Jones index dropping more than 1,400 points. The key reason appears to be the presence of a 10% baseline tariff, instituted by the Trump administration. There is no denying that the move will affect a host of finance markets, but will it hold the cryptocurrency sector back?
There is less concern about digital assets, according to one key institution. Indeed, Standard Chartered reiterated its $500k target for Bitcoin before the end of US President Trump’s second term. Indeed, the sentiment assures that BTC would reach a new all-time high before 2028.
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“We expect volatility to edge gradually lower once the ETF market matures, increasing Bitcoin’s share of an optimal gold-BTC portfolio,” Standard Chartered analyst Geoff Kendrick said. “Access plus lower volatility could see Bitcoin reach the $500,000 level before Trump leaves office,” he told BeInCrypto.
This perspective is shared by many cryptocurrency experts, as Bitcoin is still facing a bullish outlook. Amid the tariff drama, Michael Saylor took to X (formerly Twitter) to say that “there’s no tariffs on Bitcoin.” Indeed, the falling value of traditional markets could be better for the asset class in the long run.