Geoffrey Kendrick, head of digital asset research at Standard Chartered, is a prominent cryptocurrency bull. Earlier this year, he published bold price targets for Bitcoin (BTC +0.52%) and XRP (XRP 0.80%).
- Kendrick expects Bitcoin to reach $500,000 by 2028. That implies about 455% upside from its current price of $90,000.
- Kendrick expects XRP to reach $12.50 by 2028. That implies about 465% upside from its current price of $2.20.
Here's what investors should know.
Image source: Getty Images.
The Trump administration has loosened cryptocurrency regulations
Kendrick views the increasingly favorable regulatory environment under the Trump administration as an important catalyst for the cryptocurrency industry. Earlier this year, President Trump formed a working group tasked with strengthening American leadership in digital financial technology.
Trump also signed an executive order that created a strategic Bitcoin reserve and digital asset stockpile. Only tokens already owned by the government (i.e., funds seized by law enforcement) were added to the reserves. Nevertheless, it increases the probability that the government eventually becomes a buyer of Bitcoin and other cryptocurrencies.
Trump earlier this year also signed the Genius Act into law, which established a federal regulatory framework for stablecoins. He also selected cryptocurrency advocate Paul Atkins as chairman of the Securities and Exchange Commission (SEC).
Finally, the SEC earlier this year rescinded Staff Accounting Bulletin (SAB) 121, a regulation imposed under the Biden administration that forced financial institutions to treat custodied cryptocurrency as a balance sheet asset and liability, which raised reserve requirements. The recission of SAB 121 should promote digital asset adoption by institutional investors, according to Kendrick.
Bitcoin: 455% implied upside
Many investors consider Bitcoin a store of value because its fixed supply of 21 million tokens arguably makes it a good hedge against inflation. Regardless, any asset that exists in limited quantity will become more valuable as demand increases, and there is good reason to think demand for Bitcoin will increase in the future.
Notably, investors can add Bitcoin to their portfolios more easily today than ever before with spot Bitcoin ETFs, funds that track the price of the cryptocurrency. Spot Bitcoin ETFs remove the hassle and high fees associated with cryptocurrency exchanges, letting investors buy Bitcoin through traditional brokerage accounts.
Institutional investors have seized that opportunity. The number of large fund managers (i.e., those with $100 million-plus in assets) that own positions in the iShares Bitcoin Trust -- the most popular spot Bitcoin ETF -- rose 150% over the past year, and the number of shares owned by those institutions jumped 153%, according to recently filed Forms 13F.
Also important, more companies are integrating Bitcoin into their treasury strategy, meaning they are putting Bitcoin on their balance sheets to diversify their assets and hedge against inflation. The quantity of Bitcoin held by public and private companies collectively more than doubled in the past year.
I think institutional investors and companies will continue leaning into Bitcoin, creating substantial demand that drives its price higher. I would not be surprised to see Bitcoin reach $500,000 by 2028.
CRYPTO: BTC
Key Data Points
XRP: 465% implied upside
XRP is the native digital asset of the XRP Ledger, a blockchain developed to revolutionize global finance. Fintech company Ripple uses XRP to facilitate cross-border transactions for financial institutions and other businesses. The XRP Ledger is a faster and cheaper alternative to the SWIFT system, the industry standard for wire transfers.
Ripple CEO Brad Garlinghouse earlier this year estimated XRP would capture 14% of SWIFT transaction volume within five years. In that scenario, more than $20 trillion would move through the XRP Ledger annually, creating substantial demand for XRP. However, I doubt that will happen. It makes little sense to use a volatile cryptocurrency as a bridge when stablecoins are available.
To that end, the most compelling investment thesis for XRP lies in the approval of spot XRP ETFs. Canary Capital launched Canary XRP ETF on Nov. 13, and its trading volume on the first day topped every other ETF introduced in 2025. "The success of XRPC on day one, even during a down market, shows that there is insatiable demand," said Canary CEO Steven McClurg.
Looking ahead, I have less conviction in XRP than Bitcoin. To be clear, I think XRP will be worth more in the future, but I also think Kendrick's target price of $12.50 is a stretch. In both cases, institutional adoption is key to significant price appreciation, and I think most institutional investors would buy Bitcoin before XRP. After all, Bitcoin is the most valuable and best known cryptocurrency.
