比特币（BTC）价格预测2025年的标准

如果对美联储独立的担忧持续存在，比特币的价格可能会大幅上涨

Standard Chartered's global head of digital assets research, Geoffrey Kendrick, has pointed to interesting implications for Bitcoin's price in 2025 should concerns over the Federal Reserve's independence persist.

Standard Chartered的全球数字资产研究负责人Geoffrey Kendrick指出，2025年对比特币价格的有趣含义，如果担心美联储的独立性。

In a note shared with The Block, Kendrick highlighted that political pressure on central banking could push Bitcoin higher - reinforcing its role as a hedge against government-sector risk.

肯德里克（Kendrick）在与该街区分享的一张票据中强调，中央银行的政治压力可能会将比特币提高 - 加强了其作为抵抗政府部门风险的对冲的作用。

"The current threat to the Fed's independence via [Fed Chairman Jerome] Powell's potential replacement falls squarely into that category," Kendrick said.

肯德里克说：“目前通过[美联储主席杰罗姆]鲍威尔的潜在替代者对美联储独立的威胁完全属于这一类别。”

He views Bitcoin as a multi-faceted portfolio asset, particularly valuable in times of systemic stress. While it can hedge against private-sector risks like banking collapses, it also performs well when government institutions come under scrutiny, which is currently the case.

他认为比特币是一种多方面的投资组合资产，在系统性压力时尤其有价值。尽管它可以对冲私营部门的风险，例如银行业务崩溃，但当政府机构受到审查时，情况也表现良好，目前是这种情况。

Kendrick noted the correlation between BTC and the 10-year U.S. Treasury term premium, which recently reached a 12-year high, reflecting elevated investor anxiety around long-term interest rates. However, despite this spike, Bitcoin has yet to respond fully.

肯德里克（Kendrick）指出，BTC与美国财政期限10年期限的相关性，该期限最近达到了12年的高度，反映了投资者在长期利率上的焦虑升高。但是，尽管有这种激增，但比特币尚未做出充分的反应。

"Bitcoin has typically moved in tandem with the 10Y term premium," explained Kendrick. "But lately it has lagged, likely because it's been trading more like a high-growth tech stock."

肯德里克（Kendrick）解释说：“比特币通常与10年级的保费同时移动。” “但是最近它滞后了，可能是因为它的交易更像是高增长的科技股。”

Reaffirming his bullish stance, Kendrick maintains a Bitcoin price target of $200,000 by the end of 2025 and $500,000 by 2028. He noted that Bitcoin's narrative is not static, evolving from a speculative asset into a strategic hedge against both monetary instability and institutional breakdowns.

肯德里克（Kendrick）重申了他的看涨立场，到2025年底，比特币的目标价为200,000美元，到2028年的500,000美元。他指出，比特币的叙述不是静态的，从投机性资产从投机性的资产演变为货币不稳定和机构崩溃的战略对冲。

"Bitcoin serves different roles over time - inflation hedge, digital gold, or hedge against institutional risk," he concluded.

他总结说：“随着时间的流逝，比特币发挥了不同的作用 - 通货膨胀对冲，数字黄金或对冲机构风险。”