Bitcoin Price Predicted to Rise to $500K, According to Standard Chartered Bank

Bittime - Bitcoin price predicted to rise to $500K by Standard Chartered Bank. Discover Geoffrey Kendrick's analysis of institutional investment trends in Bitcoin!

Bitcoin Price Prediction by Standard Chartered

Geoffrey Kendrick, head of digital assets research at Standard Chartered, has repeated his prediction that Bitcoin (BTC) price could reach $500,000 by 2028. This belief is based on the increasing involvement of large institutions, including sovereign wealth funds and pension funds, which are starting to invest in Bitcoin.

Growing Interest in Sovereign Wealth Funds

In a recent report released by Standard Chartered, Kendrick noted that interest from government-backed investment vehicles is increasing. One concrete example is Abu Dhabi's disclosure of its ownership of the equivalent of 4,700 BTC in BlackRock's iShares Bitcoin Trust.

Kendrick emphasized that while this number is still small, he believes that the size of these investments will grow over time and that other countries will also start investing in Bitcoin to diversify their portfolios.

Form 13F Data and Purchasing Trends

Kendrick also pointed to data on Form 13F, the quarterly report that institutional managers managing at least $100 million must file with the U.S. Securities and Exchange Commission. From the analysis of fourth quarter 2024 data, he notes an interesting trend where hedge funds remain the leader in Bitcoin purchases, but banks are also starting to increase their positions.

He described a shift from the dominance of retail investors to broader participation from hedge funds and now including state investment managers as well as central banks.

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Potential New Buyers

Kendrick highlighted several institutions such as the Wisconsin State Investment Board and the Michigan State Department of Finance as potential new buyers. He also mentioned central banks such as the Czech National Bank which are considering allocating up to 5% of their €140 billion reserves into Bitcoin.

These steps could strengthen Bitcoin's legitimacy as a store of value comparable to other traditional asset classes.

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Conclusion

As institutional access increases and volatility decreases, Kendrick believes that more portfolios will shift to their optimal levels by including more Bitcoin. The price prediction of $500,000 by 2028 shows Standard Chartered's confidence in Bitcoin's future as an increasingly widely accepted asset in the world of global finance.

Read too How to Buy Bitcoin (BTC)

FAQ about Bitcoin Price Prediction by Standard Chartered

1. Who made the Bitcoin price prediction of reaching $500K?

This prediction was made by Geoffrey Kendrick, head of digital asset research at Standard Chartered Bank.

2. What is the basis for these Bitcoin price predictions?

The prediction is based on the increasing involvement of large institutions, including sovereign wealth funds and central banks, in Bitcoin investments.

3. Are there any concrete examples of institutions investing in Bitcoin?

Yes, one example is Abu Dhabi which disclosed ownership of the equivalent of 4,700 BTC in BlackRock's iShares Bitcoin Trust.

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Reference

Jake Simmons, Bitcoin To $500,000: Standard Chartered Doubles Down On 2028 Target, Accessed February 19, 2025

Author: IN