Standard Chartered Predicts Bitcoin Will Reach $500,000 by 2028
Geoffrey Kendrick, Standard Chartered's global head of digital assets research, forecasts Bitcoin (BTC) reaching $500,000 by 2028 due to increasing institutional involvement.
Sovereign Wealth Funds Increasing Interest
- Kendrick notes rising interest from sovereign wealth funds and state pension funds in Bitcoin.
- Abu Dhabi disclosed a position equivalent to 4,700 BTC in BlackRock’s iShares Bitcoin Trust.
- Kendrick anticipates this trend will grow as other sovereign funds diversify portfolios with BTC.
- Analysis of Form 13F filings shows hedge funds leading Bitcoin purchases, with banks increasing their positions since Q3 2023.
- Kendrick highlights the transition from retail investor dominance to institutional investors including state managers and central banks.
- MicroStrategy's significant holdings underscore the potential for other large capital pools to support future prices.
- Kendrick references the State of Wisconsin Investment Board and Michigan Department of Treasury as notable institutions investing in BTC.
- The Czech National Bank is considering allocating up to 5% of its €140 billion reserves to Bitcoin, while the Swiss National Bank is also exploring similar options.
- Improved institutional access and reduced volatility may lead more portfolios to increase Bitcoin allocations.
Current BTC price stands at $95,581.
