Ethereum could outperform Bitcoin by a wide margin through the end of the decade, according to Geoff Kendrick, Global Head of Digital Assets Research at Standard Chartered. In a recent podcast interview, Kendrick outlined base-case targets of $500,000 for Bitcoin and $40,000 for Ethereum by 2030, implying significantly higher relative upside for ETH if the projections materialize.
Targets to 2030 and Near-Term Checkpoints
Kendrick’s baseline places Bitcoin at $500,000 by 2030 and Ethereum at $40,000. Based on prices cited in the discussion — roughly $66,400 for BTC and $2,034 for ETH — those targets imply approximate multiples of 7.5x for Bitcoin and 20x for Ethereum. In relative terms, that would be nearly three times the return for ETH holders compared with BTC, if achieved.
He also pointed to interim milestones. If Bitcoin reaches $100,000 by the end of 2026, Kendrick said Ethereum should trade near $4,000 — implying gains of around 50% for BTC and roughly 95% for ETH from the cited levels.
Why Institutions May Choose Ethereum First
Kendrick argued that large financial institutions often begin blockchain initiatives on Ethereum due to its perceived security, tooling, and developer ecosystem. He cited the example of major asset managers starting with Ethereum-based products before exploring other networks. This “first phase” of real-world adoption, he said, could give Ethereum a durable advantage as tokenization and on-chain finance expand.
Usage and the ETH/BTC Ratio as Indicators
Beyond institutional adoption, Kendrick highlighted network activity as a key driver for Ethereum’s value. He pointed to rising transaction fees and growing demand for stablecoins, decentralized finance applications, and tokenized real-world assets on Ethereum as potential catalysts for price appreciation.
He also flagged the ETH/BTC ratio — the price of ether denominated in bitcoin — as a gauge of Ethereum’s relative performance. Kendrick placed the ratio at around 0.03 currently and said he expects it to move toward 0.04 in the near term, signaling potential incremental gains for ETH versus BTC.
Source and Context
Kendrick shared the outlook during an interview on the Milk Road podcast with host John Gillen, published April 1, 2026. Standard Chartered has not issued a formal research report tied to these specific figures. The remarks nevertheless drew broad attention across the crypto market given Kendrick’s role and the bank’s ongoing work in digital assets.