Bitcoin as a Geopolitical Hedge
Standard Chartered’s head of digital asset research, Geoffrey Kendrick, believes Bitcoin could increasingly function as a hedge in the face of rising U.S. tariff risks and economic isolationism. In a research note on Sunday, Kendrick wrote, “U.S. isolationism is akin to increased risks of holding fiat, which will ultimately benefit Bitcoin.”
The comments came as Bitcoin dipped below $80,000 amid broader market volatility triggered by newly announced tariffs from President Donald Trump’s administration.
Support Levels and Market Positioning
Kendrick pointed to the $76,500 mark as a key support level — the top of the Nov. 6 daily candle following the U.S. election. He also noted that despite the selloff, Bitcoin has outperformed most of the Mag7 tech stocks, trailing only Microsoft and Google.
Refined Narrative Around Bitcoin’s Role
In recent weeks, Kendrick has refined his framing of Bitcoin’s macro role from a general “U.S. isolation hedge” to a more targeted “tariff risk hedge.” He continues to expect the recent drawdown to fade, with BTC potentially returning to $84,000 soon, assuming no further major risk-off moves in traditional markets.
Long-Term Price Forecasts and Broader Market Views
Standard Chartered remains among the most bullish traditional institutions on Bitcoin. Kendrick maintains a forecast of $200,000 by the end of 2025, $300,000 by 2026, and $500,000 by 2028. He has also projected Avalanche’s AVAX token to rise to $250 by 2029 due to its recent upgrades, while lowering his Ethereum forecast to $4,000 due to competition from faster-growing chains.
