Ethereum could deliver stronger returns than Bitcoin through 2030, according to Geoff Kendrick, Standard Chartered’s global head of digital assets research. In a recent podcast, he said Ethereum could rise to $40,000 while Bitcoin reaches $500,000.
Kendrick’s forecast gives Bitcoin the bigger price target. Still, Ethereum shows the larger relative upside from current levels. Bitcoin trades near $66,400, while Ethereum is close to $2,034.
A move to $500,000 would put Bitcoin at roughly 7.5 times its current price. By contrast, Ethereum would need to climb nearly 20 times to reach $40,000. That would give Ethereum holders a much larger percentage gain.
He also pointed to the ETH/BTC ratio as a key signal. The ratio now stands near 0.03. Kendrick expects it to move to 0.04 in the near term, which would show Ethereum gaining strength against Bitcoin.
Kendrick also set a shorter-term benchmark for both assets. He said if Bitcoin returns to $100,000 by the end of 2026, Ethereum should trade near $4,000. That would mark a major rebound for both tokens.
From current prices, that path implies about 50% upside for Bitcoin. Ethereum, meanwhile, would rise about 95%. The comparison adds to his wider case that Ethereum could outperform on a relative basis.
Could Ethereum’s higher growth path reshape how investors divide capital between the two largest cryptocurrencies? Kendrick’s framework centers on relative returns, not only headline price targets.
Kendrick tied much of Ethereum’s potential to the financial sector’s growing use of blockchain technology. He said banks and asset managers often start on Ethereum because they view the network as safe and reliable.
He cited BlackRock as one example. According to his account, BlackRock built blockchain products on Ethereum before moving into other networks. He argued that other institutions may follow the same sequence.
That pattern, in his view, gives Ethereum an edge during the first stage of real-world blockchain adoption. Even if activity spreads later, Ethereum could keep the early lead as tokenized finance expands.
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Kendrick also pointed to Ethereum’s on-chain activity. He said rising transaction fees on Ethereum-based applications can reflect stronger demand across the network. That demand can support token value over time.
He linked that trend to stablecoins, decentralized finance, and tokenized real-world assets. As those areas grow on Ethereum, network use could rise as well. In turn, that growth could lift the token’s price.
The forecast appeared during an interview on the Milk Road podcast with host John Gillen. Standard Chartered has not released a formal research note tied to those figures. As a result, the comments reflect Kendrick’s stated outlook from the appearance.
Ethereum still faces strong competition from other blockchains. Solana and Avalanche continue to attract developers and users with faster speeds and lower costs. That pressure could affect Ethereum’s long-term position.
Regulatory uncertainty also remains in view. Questions around token classification and decentralized protocols still hang over the market. Those issues could shape adoption across the sector.
Even so, Ethereum remains home to the largest decentralized application ecosystem in the text provided. It also handles most stablecoin settlements and continues to attract early institutional blockchain projects.
Geoff Kendrick’s outlook places Ethereum ahead of Bitcoin in relative return potential through 2030, with ETH’s projected rise to $40,000 far outpacing Bitcoin’s multiple from current levels. The forecast rests on Ethereum’s role in institutional blockchain adoption, rising network activity, and continued growth in stablecoins, DeFi, and tokenized assets.