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Geoffrey Kendrick from Standard Chartered’s Global Head of Digital Assets Research, Geoffrey Kendrick, has re -confirmed his striking price forecast for Bitcoin. Kendrick, who proposes $ 500,000 in 2028, bases his conviction on proof of increasing institutional involvement-specific pointing of sovereign asset funds, state pension funds and other large-scale investors.
Sovereign wealth funds enter the Bitcoin battle
According to a new report from Standard Chartered quoted At the block, Kendrick sees growing signs that the government -supported investment vehicles increase their interest in Bitcoin. This view is reinforced by the recent disclosure of Abu Dhabi of a 4,700 BTC equivalent position in BlackRock’s Ishares Bitcoin Trust (IBIT) via its sovereign wealth fund.
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“Although this is small for the time being, we would expect that the size will increase over time and, indeed, for other sovereigns to start buying,” Kendrick wrote in the Tuesday report. He explained that the movement of Abu Dhabi marks a strategic shift and could represent a broader participation of other wealth funds who want to diversify their portfolios with BTC.
Kendrick’s confidence is partially rooted in form 13F archives – quarterly reports that institutional managers who supervise at least $ 100 million in assets are required to submit to the US Securities and Exchange Commission. Kendrick was viewed from the fourth quarter of 2024 and noticed a compelling trend.
“The 13F archives for Q4 show that the process is underway … it happens,” he said in an e -mail at the block. In the analysis of Standard Chartered, Q4 data has shown that although hedge funds have their lead in Bitcoin purchases maintained, banks – who started buying in the quarter of last year – also started their positions.
Kendrick pulled parallels between an earlier phase in the Bitcoin market revolution, dominated by investors in the retail trade, and the more recent era, in which hedge funds jump on board through exhibition -related funds (ETFs). Now the spotlight seems to be further expanded with state investment managers and central banks.
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“This gives us comfort to say that even if buying per strategy … [formerly MicroStrategy] Dramatically slows down (it has bought a stunning 227k BTC since the American elections, more than 1% of the always existing stock), we think other buyers are waiting to get in, “Kendrick noted.
The mention of micro strategy underlines how important the bitcoin interests of one private company can be. Nevertheless, Standard Chartered’s analysis suggests that other large patients’ Pools of capital can absorb future delivery, so that higher prices are supported in the long term.
Under the institutions, Kendrick emphasizes the State of Wisconsin Investment Board and the State of Michigan Department of the Treasury. However, he also points to central banks as potential new participants.
In the report, Kendrick refers to the Czech National Bank, which has considered to allocate up to 5% Of his € 140 billion in reserves in Bitcoin, and notes that the Swiss National Bank is in the early stages of considering a similar step. These developments can further strengthen the legitimacy of Bitcoin as a value of value on the same footing with more traditional activa classes.
“As institutional access to Bitcoin improves and the volatility decreases, we expect that more portfolios migrate to their optimum level of a Bitcoin starting point with underweight,” concluded Kendrick.
At the time of the press, BTC traded at $ 95,581.
Featured image made with dall.e, graph of tradingview.com