Standard Chartered Bank: Potential Ongoing Fed Independence Risk May Drive Bitcoin to Further Rise

According to Odaily, Geoffrey Kendrick, the head of digital asset research at Standard Chartered Bank, stated that if the independence of the Federal Reserve continues to be threatened, Bitcoin may see further increases. Concerns in the current market about the potential replacement of Fed Chair Powell have already pushed the term premium on 10-year U.S. Treasury bonds to a 12-year high, while Bitcoin's response has remained lagging.

Kendrick noted that Bitcoin's core role in portfolios is to hedge against risks in the traditional financial system, such as bank failures or policy interventions. Historical data shows that since 2024, the correlation between Bitcoin and the U.S. bond term premium has increased, and he believes Bitcoin is poised to catch up with recent gains.

He reiterated his year-end target price for Bitcoin at $200,000, with a 2028 target of $500,000. Additionally, he expects the total market capitalization of stablecoins to grow to $2 trillion by 2028 and is optimistic about AVAX rising to $250 and XRP to $12.5. (The Block)