Standard Chartered’s head of digital asset research, Geoff Kendrick, says this is “the best time in history” to own digital assets. His analysis includes ambitious projections for Bitcoin, Ethereum and Solana, supported by growing institutional adoption and the development of blockchain-based financial products. These perspectives have important implications for asset managers, traders and corporate treasuries assessing their exposure to cryptoassets.
Kendrick forecasts that Bitcoin could reach $200,000 by the end of 2025 and rise to $500,000 by the end of 2028. For Ethereum he projects $7,500 by the end of 2025 and $25,000 in 2028, while for Solana he estimates $275 by the end of 2025 and $500 by 2029. These figures, according to the Standard Chartered team, provide a framework to justify greater allocations by institutional investors.
The analysis links these price targets to key factors such as flows into spot Bitcoin ETFs, increased use in corporate treasuries and regulatory advances that reduce uncertainty. The firm also highlights the potential of tokenization of real-world assets (RWA), which could reach a $2 trillion market capitalization by 2028, excluding stablecoins.
Standard Chartered is not limited to making predictions: it already offers spot trading of BTC and ETH, is developing tokenization infrastructure and has established “collateral mirroring” agreements with OKX, as well as collaborating with asset managers such as Franklin Templeton and Brevan Howard. Bill Winters, the bank’s CEO, summed up the view by saying that “virtually all transactions will eventually settle on blockchains, and all money will be digital.”
Implications for investors
High projections and institutional integration increase the likelihood of sustained flows into Bitcoin and tokenized products, which could improve liquidity in the spot market. However, they also accentuate the role of derivatives and leverage during volatility spikes.
Kendrick acknowledges the possibility of corrections, even below $100,000 for Bitcoin in liquidation episodes, but interprets them as entry opportunities. Critics and traditional advisers remind that digital assets remain “highly volatile” and susceptible to illiquidity and manipulation.
For traders and managers, if ETF flows and tokenization meet expectations, the probability increases of narrowing supply-demand spreads and greater futures depth. The next operational milestone is the end of 2025, a highlighted date for the BTC and ETH projections, while the evolution of flows into spot ETFs and the progress of tokenization initiatives will be the variables to watch to calibrate exposure and hedging.
