Bitcoin, the largest cryptocurrency by market capitalisation, is on track to reach US$200,000 ($265,719) apiece by end-2025, Standard Chartered (StanChart) reiterates.
In his Nov 8 report, StanChart global head of digital assets research Geoff Kendrick notes that the US’s Republican win allows the new administration to push through supportive policies for digital assets soon after taking office in January 2025. This is in line with President-elect Donald Trump’s campaign pledges.
To this end, the StanChart team would look for “several positives” for the asset class early in the administration. This includes regulatory changes and changes at the US Securities and Exchange Commission (SEC), that would lead to a softer regulatory stance on digital assets.
One such regulatory change is the repeal of SAB 121 — an SEC guidance document on digital assets which requires entities that act as custodians for crypto assets to list the assets on their balance sheets and create a corresponding liability of equal value. This blocks US banks from crypto custody and spot offerings.
The removal of SAB 121 is expected to pave the way for further adoption of digital assets by institutional investors.
The new administration could also consider a Bitcoin reserve, Kendrick notes, although he sees this as a low-probability but high-impact event.
See also: Bitcoin retreats from US$100,000 in worst spell since Trump’s win
Kendrick highlights that digital assets that are more exposed to end users are likely to benefit more — Solana, particularly, is set to outperform both BTC and ETH.
Looking at different end-use cases, the StanChart team expects further growth in gaming and tokenisation. They see potential for rapid growth in subcategories that are in their infancy, such as decentralised physical infrastructure and consumer social.
“With all boats rising and fresh world use cases coming through, I see the entire asset class getting to US$10 trillion by the end of 2026,” says Kendrick. “We are just getting started.”
