Standard Chartered’s Geoff Kendrick on Friday said tokenization has already won, and XRP (CRYPTO: XRP) isn’t where he’s putting the bet.
The Shift From Bitcoin to Altcoins
Kendrick told the Milk Road podcast that Treasury Secretary Scott Bessent’s recent announcement on long-end bond buybacks confirmed the cycle bottom, echoing the same signal that marked last October’s top.
He draws a sharp comparison to Amazon’s (NASDAQ:AMZN) 2001 crash from $113 to $6, when internal metrics kept improving even as the stock collapsed.
Crypto just went through the same disconnect, in his view, and tokenization-linked altcoins are where that improvement should finally show up in price.
Why Revenue Suddenly Matters
Crypto is moving from a world where revenue didn’t matter to one where it’s the only thing that does, Kendrick argues, much like Mag 7 stocks today.
Over the past six months he’s built discounted cash flow models for individual projects, a shift tied directly to stablecoins proving blockchain can replace real-world financial infrastructure.
Two forecasts anchor his thesis: stablecoins reaching $2 trillion, and tokenized assets reaching that same mark, up from roughly $40 billion currently.
Four Altcoins at the Center of the Thesis
The Thesis Behind Each Target
- Uniswap — $100 target for 2030
- Fee switch activated last December kicked off buybacks and burns
- Burn rate stabilized near 3% to 4% annually once price tripled
- Already blew past Kendrick’s $6.50 June target
- Aave — $3,500 target by 2030
- Survived a $300 million exploit tied to its Kelp integration
- Industry raised $300 million largely in ETH to backstop the protocol
- Near-term $180 target already looks conservative with price near $170
- Arbitrum — $10 target, roughly 70x upside
- Robinhood (NASDAQ:HOOD) Chain multiplied monthly revenue from $1 million to $4-5 million
- Token already up more than 60% since the call was published
- More platforms expected to replicate the Robinhood Chain setup
- Chainlink — $200 target by 2030
- Near-impregnable moat as the only end-to-end platform for bringing data on-chain
- Has quietly stockpiled several hundred million dollars worth of its own token
Ethereum’s Case Against Bitcoin
Kendrick’s targets for Ethereum (CRYPTO: ETH) sit at $4,000 by year-end and $40,000 by 2030, with the ETH/BTC ratio expected to climb from roughly 3% today to 8% by 2030.
For Bitcoin (CRYPTO: BTC), he’s holding his $100,000 year-end target and flags Oct/ 6, the anniversary of last year’s all-time high, as a potential buying window for cycle-theory traders.
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