标准宪章说，到2028年，比特币将在2028年达到50万美元，因为特朗普的政策改善了访问权限，波动性降低。

在2029年获得高原之前，对投资者和降低波动率的访问和降低的波动性将每年提高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.

银行将加密货币推向500,000美元的价格标签，引用ETF访问，降低波动。标准特许将比特币价格预测提高到2028年的ETF，波动性。标准特许在周三的一份票据中说，比特币的集会将持续数年，将加密货币推向2028年底的500,000美元的价格。

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

该银行的预测基于两个关键因素：更好的投资者访问权限和比特币市场中的波动性降低。

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.

分析师杰夫·肯德里克（Geoff Kendrick）概述说，这些因素将每年将比特币的价格提高约100,000美元，然后在2029年获得高原。$ 500,000的Outlook意味着比令牌目前的价格增加了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."

数字资产研究负责人在附带的评论中写道：“尽管对比特币的近期仍然是断断续续的，但长期越来越明显。” “在特朗普政府的领导下，访问正在改善。机构流入将继续收集步伐。随着流量的改善质量和其他基础设施（例如期权市场）的扩展，VOL将逐渐降低。”

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.

肯德里克说，代币作为避风港和通货膨胀对冲的地位使其在传统投资者中受欢迎，并巩固了其在华尔街的角色，这指出去年引入了现货比特币ETF，迄今为止，该现货比特币ETF的流入量为390亿美元。

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.

随着在特朗普政府对加密货币友好的努力中的访问可能会继续改善，成熟的ETF市场可以从2004年的黄金交换产品的成功中吸引相似之处。

"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.

“随着ETP市场从2004年11月到2011年9月的成长，美国黄金价格上涨了4.3倍。我们认为，随着该市场的成熟，BTC ETF的同样上涨，我们预计这将在两年内比七个时期短得多。肯德里克（Kendrick）写道，这一因素将在2025年底之前将比特币提高到200,000美元。

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

黄金ETP在新生的比特币市场上揭示了另一课：资产的波动将减轻。

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.

与贵金属一样，比特币的波动性应提高，因为ETF为市场提供了更稳定的流量。肯德里克（Kendrick）还期望其他市场功能（例如期权交易）将随着时间的推移引入较低的波动水平。

"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.

他说：“实际上，就流量的组合而言，整个数字资产市场（包括比特币）相对于传统金融市场而言并未开发。这应该随着时间的流逝而变化，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.

在接下来的两到三年中，比特币的三个月在市场波动率应从目前的55％的斑点水平降至45％。较低的波动性将激励投资者增加对加密货币的投资组合分配，从而支持肯德里克的目标目标。

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，对一月份缺乏比特币政策更新的失望破坏了集会的势头，但肯德里克（Kendrick）建议，似乎终于在市场上闪烁了正面信号。

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.

周三，这项为期10年的财政收益率下降到4.50％以下，这可能表明，由于特朗普最近的关税冲突 - 比特币的宏观阳性，投资者对美国的增长感到不安。

"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.

“这里的重点是，价格行动（后端较低的收益率）告诉我，即使我们获得了更多的关税（例如，中国关税），增长恐惧的叙述将会获胜。因此，要么不再关税问题，因此肯德里克在评论中写道：“通货膨胀期望可能会降低，或者更多的关税和更多的增长恐惧。