Bitcoin could continue its upward trend as fears grow over the independence of the Federal Reserve according to Geoffrey Kendrick head of digital assets research at Standard Chartered. He sees this as a government-related risk which boosts bitcoin’s appeal as a decentralized hedge.

Kendrick explained that threats to the Fed such as the possible replacement of Chairman Jerome Powell are pushing the US Treasury term premium to a 12-year high. Bitcoin has shown a strong historical connection to this premium and may soon catch up after recently lagging due to market focus on tech-related headlines.

Currently trading near $91200 bitcoin is up 4 percent in the last 24 hours. Kendrick maintains bold targets predicting bitcoin to hit $200000 by 2025 and $500000 by 2028. He also expects a massive rise in stablecoin supply to $2 trillion by 2028 driven by upcoming US regulations.