Standard Chartered Backs $500K Bitcoin Target, Government Exposure Rising
Sovereign investment in Bitcoin is on the rise, albeit indirectly. Standard Chartered Bank’s recent report highlights the increasing exposure of government entities to Bitcoin through holdings in Strategy (formerly MicroStrategy). The bank maintains its bold prediction that Bitcoin will hit $500,000 before the end of President Donald Trump’s tenure in 2029.
Geoffrey Kendrick, Standard Chartered’s global head of digital assets research, points to the latest 13F data from the U.S. Securities and Exchange Commission (SEC) as evidence supporting their bullish stance on Bitcoin’s price trajectory. With a wider range of institutional buyers entering the crypto space, Kendrick believes that Bitcoin’s value proposition is becoming more appealing.
While Q1 13F filings revealed a slowdown in direct Bitcoin ETF purchases, government-linked entities have been increasing their exposure to Strategy (MSTR) shares. Notable examples include Abu Dhabi’s Mubadala, which boosted its IBIT holdings to 5,000 BTC equivalent, showcasing a shift towards gaining Bitcoin exposure through alternative means.
New entrants to the MSTR shareholder list such as France, Saudi Arabia, Norway’s Government Pension Fund, the Swiss National Bank, and South Korea’s public funds further underline the growing institutional interest in Bitcoin. According to Kendrick, this trend is a positive sign for Bitcoin’s future performance.
Standard Chartered’s outlook emphasizes the evolving role of Bitcoin in institutional portfolios, transitioning from a tech-centric correlation to a macroscopic hedge strategy. Kendrick sees this shift as a testament to Bitcoin’s increasing relevance in the mainstream financial landscape.
In a market where institutions are driving the adoption and price appreciation of Bitcoin, Kendrick’s revised forecast of $500,000 for Bitcoin by 2029 reflects the growing confidence in the cryptocurrency’s long-term potential.
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