Trump Cites China Risk to Support Bitcoin at July 6 White House Event; Standard Chartered Holds $500K Target

According to Trump's July 6 White House statement, the president publicly endorsed Bitcoin, citing geopolitical competition with China as the primary rationale. "If we don't have it, China's going to have it," Trump said, framing digital asset dominance as a sovereignty and national security issue rather than purely financial.

Standard Chartered's Geoffrey Kendrick is maintaining the bank's $500,000 Bitcoin price target before Trump leaves office, despite BTC trading near $64,000—roughly 49% below October 2025's all-time high of $126,198. Kendrick attributes the long-term bull case to institutional inflows, regulatory clarity under a sympathetic administration, and Bitcoin's fixed supply.