New Report from Standard Chartered Predicts Bitcoin Will Reach $500K!

As the number of institutions adopting Bitcoin has increased recently, Standard Chartered stated that it expects more sovereign wealth funds to purchase Bitcoin. According to The Block, Standard Chartered evaluated Abu Dhabi’s recent investment in BlackRock’s Bitcoin ETF in its latest report and wrote that they expect more sovereign wealth funds to enter the Bitcoin market. Geoffrey Kendrick, global head of digital assets research at Standard Chartered, said that 13F filings by institutions and sovereign wealth funds show continued investment in Bitcoin. Kendrick noted that when they analyzed Q4 data from 13F filings, the data showed that hedge funds as well as banks were making strong Bitcoin purchases, indicating increasing institutional interest. The analyst also added that the data is supportive of his predictions that Bitcoin could reach $500,000 by 2028. “While hedge funds dominated Bitcoin purchases in the 4th quarter, banks’ BTC purchases were also very strong. More importantly, Abu Dhabi’s sovereign wealth fund reported that it has a position equivalent to 4.7 thousand BTC in Blackrock’s IBIT ETF. “While this is small for Abu Dhabi and Bitcoin at the moment, we expect BTC investments and size to increase over time. We also expect other sovereign wealth funds to start buying Bitcoin.” Kendrick said that more institutions will buy Bitcoin as a result, and that they expect the BTC price to reach $500,000 by 2028 as institutional adoption expands and market volatility decreases. *This is not investment advice.