Bitcoin could reach $500,000 says Standard Chartered; key factors that could fuel a potential rally

• Standard Chartered's Geoffrey Kendrick predicted that Bitcoin could reach over $500,000 at the end of Donald Trump's administration. 
• BlackRock is alleged to be considering a Bitcoin ETP for its European customers.
• FDIC announced that it would revise its current crypto guidelines, allowing banks to custody some crypto assets.

Bitcoin (BTC) remained below $100,000 on Thursday as the broader crypto market continues to face downside risk from a potential global trade war. However, Geoffrey Kendrick, Standard Chartered's head of digital asset research, predicted that Bitcoin could climb to $500,000 before 2028, toward the end of President Donald Trump's administration.

Meanwhile, BlackRock is preparing to introduce a Bitcoin exchange-traded product (ETP) for its European investors, signaling sustained institutional interest in the top pcry

Top factors that could send Bitcoin's price higher

Here are some of the factors that could propel a rally in Bitcoin

• Geoffrey Kendrick, Head of Digital Assets Research at Standard Chartered, forecasted that Bitcoin could reach $500,000 before the end of Donald Trump's presidency. He emphasized that increased accessibility for investors and a decrease in market volatility would play essential roles in this potential rally.
  Additionally, he highlighted the impact of the US spot Bitcoin ETFs and their potential to continue expanding as a financial instrument.
   
• BlackRock is preparing to introduce a Bitcoin exchange-traded product (ETP) for the European market, according to a report by Bloomberg citing anonymous sources. The product is expected to be domiciled in Switzerland, though details have not been officially disclosed. Sources familiar with the matter, who were not authorized to speak publicly, indicated that BlackRock could begin marketing the fund as early as this month.
   
• Travis Hill, interim chairman of the Federal Deposit Insurance Corporation (FDIC), announced on Wednesday that the agency is restructuring its digital asset supervision and reviewing past guidance that discouraged banks from engaging with cryptocurrency businesses. This restructuring could empower banks to engage more openly with cryptocurrency businesses, enhancing their ability to custody digital assets like Bitcoin. Such a shift could mark a pivotal moment for traditional financial institutions and their interaction with the crypto space.
   
• Donald Trump's administration continues to fight for a more suitable environment for Bitcoin and crypto. Last month, Trump signed an executive order to create a digital asset stockpile for the US, which would include Bitcoin and other prominent assets. The Securities & Exchange Commission (SEC) has also rolled out new tasks, assignments and approaches to the crypto industry. This includes appointing Hester Peirce as head of the crypto task force — a unit tasked with crafting new and suitable crypto regulations.
   
• Plans are still in place to create a Bitcoin strategic reserve for the United States, which could help boost Bitcoin adoption across various countries. Crypto and AI Czar David Sacks stated in a press conference on Tuesday that the President's Working Group would begin looking into the possibility of a federal reserve for Bitcoin.