標準憲章說，到2028年，比特幣將在2028年達到50萬美元，因為特朗普的政策改善了訪問權限，波動性降低。

在2029年獲得高原之前，對投資者和降低波動率的訪問和降低的波動性將每年提高100,000美元。

Bank Pushes Crypto to $500,000 Price Tag, Citing ETF Access, Lower Volatility. Standard Chartered Raises Bitcoin Price Forecast to $500,000 by 2028 on ETFs, Volatility. Bitcoin’s rally will continue for several years, pushing the cryptocurrency to a $500,000 price tag by the end of 2028, Standard Chartered said in a note Wednesday.

銀行將加密貨幣推向500,000美元的價格標籤，引用ETF訪問，降低波動。標準特許將比特幣價格預測提高到2028年的ETF，波動性。標準特許在周三的一份票據中說，比特幣的集會將持續數年，將加密貨幣推向2028年底的500,000美元的價格。

The bank’s forecast is based on two key factors: better access for investors and lower volatility in the bitcoin market.

該銀行的預測基於兩個關鍵因素：更好的投資者訪問權限和比特幣市場中的波動性降低。

Analyst Geoff Kendrick outlined that these factors will increase bitcoin’s price by around $100,000 each year, before gains plateau in 2029. The $500,000 outlook implies a 407% increase from the token’s current price.

分析師傑夫·肯德里克（Geoff Kendrick）概述說，這些因素將每年將比特幣的價格提高約100,000美元，然後在2029年獲得高原。$ 500,000的Outlook意味著比令牌目前的價格增加了407％。

"Although the near-term remains choppy for Bitcoin, the long-term is becoming clearer by the day," the global head of digital assets research wrote in attached commentary. "Access is improving under the Trump administration. Institutional inflows will continue to gather pace. And vol will gradually come lower as the quality of flows improves and other infrastructure (eg. options markets) expand."

數字資產研究負責人在附帶的評論中寫道：“儘管對比特幣的近期仍然是斷斷續續的，但長期越來越明顯。” “在特朗普政府的領導下，訪問正在改善。機構流入將繼續收集步伐。隨著流量的改善質量和其他基礎設施（例如期權市場）的擴展，VOL將逐漸降低。”

The token’s status as a safe haven and inflation hedge is making it popular among traditional investors and cementing its role on Wall Street, Kendrick said, pointing to last year’s introduction of spot bitcoin ETFs, which have netted $39 billion in inflows to date.

肯德里克說，代幣作為避風港和通貨膨脹對沖的地位使其在傳統投資者中受歡迎，並鞏固了其在華爾街的角色，這指出去年引入了現貨比特幣ETF，迄今為止，該現貨比特幣ETF的流入量為390億美元。

With access likely to continue improving amid the Trump administration’s crypto-friendly efforts, the maturing ETF market can draw parallels from the success of 2004’s gold exchange-traded products.

隨著在特朗普政府對加密貨幣友好的努力中的訪問可能會繼續改善，成熟的ETF市場可以從2004年的黃金交換產品的成功中吸引相似之處。

"US gold prices rose 4.3x as the ETP market matured from November 2004 through September 2011. We think a similar increase in BTC ETFs is likely as that market matures, which we expect will happen over a much shorter two-year period than the seven-year timeframe for gold ETPs," Kendrick wrote, citing that this factor will drive bitcoin to $200,000 by the end of 2025.

“隨著ETP市場從2004年11月到2011年9月的成長，美國黃金價格上漲了4.3倍。我們認為，隨著該市場的成熟，BTC ETF的同樣上漲，我們預計這將在兩年內比七個時期短得多。肯德里克（Kendrick）寫道，這一因素將在2025年底之前將比特幣提高到200,000美元。

Gold ETPs reveal one more lesson for the nascent bitcoin market: the asset’s volatility is set to ease.

黃金ETP在新生的比特幣市場上揭示了另一課：資產的波動將減輕。

As was the case with the precious metal, bitcoin’s volatility should improve as the ETFs provide the market with more stable flows. Kendrick also expects the build-out of other market functions, such as options trading, would introduce lower volatility levels with time.

與貴金屬一樣，比特幣的波動性應提高，因為ETF為市場提供了更穩定的流量。肯德里克（Kendrick）還期望其他市場功能（例如期權交易）將隨著時間的推移引入較低的波動水平。

"Indeed, in terms of the mix of flows, the entire digital assets market — including Bitcoin — is undeveloped relative to traditional financial markets. This should change over time, allowing vol to move lower," he said.

他說：“實際上，就流量的組合而言，整個數字資產市場（包括比特幣）相對於傳統金融市場而言並未開發。這應該隨著時間的流逝而變化，使VOL降低。”

Over the next two to three years, bitcoin’s three-month at-the-market volatility should fall from its current 55% spot level to 45%. Lower volatility would incentivize investors to increase portfolio allocations to the cryptocurrency, supporting Kendrick’s price target.

在接下來的兩到三年中，比特幣的三個月在市場波動率應從目前的55％的斑點水平降至45％。較低的波動性將激勵投資者增加對加密貨幣的投資組合分配，從而支持肯德里克的目標目標。

To be sure, disappointment around a lack of bitcoin policy updates in January disrupted the rally’s momentum, but Kendrick suggested that a positive signal seems to have finally flashed for the market.

可以肯定的是，對一月份缺乏比特幣政策更新的失望破壞了集會的勢頭，但肯德里克（Kendrick）建議，似乎終於在市場上閃爍了正面信號。

On Wednesday, the 10-year Treasury yield fell below 4.50%, possibly signaling that investors are growing nervous about U.S. growth amid Trump's recent tariff clash — a macro-positive for bitcoin.

週三，這項為期10年的財政收益率下降到4.50％以下，這可能表明，由於特朗普最近的關稅衝突 - 比特幣的宏觀陽性，投資者對美國的增長感到不安。

"The point here is that price action (lower back-end yields) is telling me that even if we get more tariffs (EU or higher China tariffs for example) the growth fear narrative will win. So either no more tariff issues, and so inflation expectations can come lower, or more tariffs and more growth fear. Win-win," Kendrick wrote in separate commentary.

“這裡的重點是，價格行動（後端較低的收益率）告訴我，即使我們獲得了更多的關稅（例如，中國關稅），增長恐懼的敘述將會獲勝。因此，要么不再關稅問題，因此肯德里克在評論中寫道：“通貨膨脹期望可能會降低，或者更多的關稅和更多的增長恐懼。