Geoff Kendrick, Standard Chartered's Global Head of Digital Assets Research, outlined a base case in which Bitcoin hits $500,000 and Ethereum climbs to $40,000 by 2030. Using a simplified scenario, Kendrick noted that if Bitcoin reclaims $100,000 by the end of 2026, Ethereum could trade near $4,000, with his year-end target implying gains of 50% and 96% for BTC and ETH respectively from current levels of $66,400 and $2,036. While Ethereum reaching $40,000 by 2030 represents a 20x increase, Bitcoin's $500,000 price over the same period amounts to roughly 7.5x gains, suggesting Ethereum's massive outperformance. Kendrick expects the "first phase" of institutional and real-world adoption to occur largely on Ethereum, with that early dominance combined with growing ecosystem usage forming the basis for his long-term outperformance thesis.