Standard Chartered Reaffirms $100,000 Bitcoin Target Despite Strategy Sell-Off

Standard Chartered has reaffirmed its end-2026 Bitcoin price target of $100,000, describing Bitcoin as 'a screaming buy.' The bank attributes recent declines in Bitcoin's price to a strategic shift by MicroStrategy, the largest corporate holder of Bitcoin, rather than any fundamental weakness in Bitcoin itself.

The bank's global head of digital assets research, Geoffrey Kendrick, explained that MicroStrategy, which holds over 843,775 Bitcoin, appears to be transitioning from a 'never sell' stance to a more flexible approach involving occasional sales. This shift has caused some market pressure, but Kendrick suggests it is more about communication than a change in Bitcoin's medium-term outlook.

MicroStrategy recently sold 3,588 Bitcoin for about $216 million, using the proceeds to support its preferred stock and replenish reserves. Despite this, Standard Chartered views Bitcoin as over $64,000 and still a highly attractive investment.

The bank also discusses MicroStrategy's monetization plans, including the sale of Bitcoin up to $1.25 billion, which could help stabilize Bitcoin's price and reinforce its value. Kendrick compares MicroStrategy's approach to a central bank’s credibility, where effective signaling can reduce the need for actual sales.

Overall, the bank considers the recent sell-offs as noise rather than a signal of long-term decline, reaffirming its bullish stance on Bitcoin.