Standard Chartered Doubles Down On 2028
Geoffrey Kendrick, head of global digital asset research at Standard Charter, reiterated his excellent price forecast for Bitcoin. Kendrick envisions BTC reaching $500,000 by 2028, and his conviction is based on evidence of increased institutional participation – specifically pointing to sovereign wealth funds, state pension funds and other large investors.
Sovereign Wealth Fund Enters Bitcoin Competition
New report on charter flights according to standard Quote Kendrick is seeing growing signs that government-backed investment vehicles are increasing interest in Bitcoin. Abu Dhabi recently disclosed a 4,700 BTC equivalent stance, which is reinforced BlackRock’s iShares Bitcoin Trust (IBIT) Through its sovereign wealth fund.
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“Although this is small now, we hope that the size will increase over time, and in fact, other sovereigns can start buying,” Kendrick wrote in his report on Tuesday, explaining that in Abu Dhabi’s The move marks a strategic shift from broad participation of other wealth funds that want to diversify their portfolios through BTC.
Kendrick’s confidence is partly rooted in the filing of Form 13F – the quarterly report says institutional managers that oversee at least $100 million of assets must submit to the SEC. Kendrick reviewed the fourth quarter of 2024 data and pointed to compelling trends.
“Fourth quarter 13F documents show that it is in progress…in progress,” he said in an email to the neighborhood. In the analysis of the Standard Charter, the fourth quarter data showed that although hedge funds are in Bitcoin Keeping a lead in buying, but banks (starting in the third quarter of last year) have also raised their positions.
Kendrick was in the early stages of the development of the Bitcoin market, an earlier stage dominated by retail investors, while the recent era was the era of jumping on hedge funds through exchange-traded funds (ETFS). Now, the spotlight appears to be expanding further to include state investment managers and central banks.
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“It gives us comfort to say, even Purchase through strategy… (formerly a micro strategy) has slowed sharply (it has purchased an astonishing 227K BTC since the U.S. election, with more than 1% of supply supply), and we think other buyers are waiting to step in. Kendrick pointed out.
The indicators that mention microcontrast highlight the importance of Bitcoin holdings in a private company. However, the Standard Charter analysis suggests that other large, capitalized patient pools may absorb future supply, thereby supporting higher prices in the long run.
Institutions, Kendrick stands out Wisconsin Investment Commission and the Michigan Treasury Department. However, he also pointed out that the central bank is a potential new player.
In the report, Kendrick referenced the Czech National Bank Consider allocating up to 5% With its €140 billion reserve, the Swiss National Bank is in an early stage of considering similar moves. These developments could further enhance Bitcoin’s legitimacy as the same store of value as the more traditional asset classes.
Kendrick concluded: “As institutional access to Bitcoin improves and volatility declines, we hope more portfolios will move from underweight Bitcoin to the best level.”
At press time, BTC traded at $95,581.
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