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

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

Bitcoin’s Role in a Shifting Macro Landscape

Kendrick sees 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, as is currently the case.

He highlighted 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. Despite this spike, Bitcoin has yet to fully respond.

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

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Price Prediction: $200K by 2025, $500K by 2028

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.

“Bitcoin serves different roles over time — inflation hedge, digital gold, or hedge against institutional risk,” he added.

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