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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market
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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Bitcoin To $500,000: Standard Chartered Doubles Down On 2028 Target

Jake Simmons
Jake Simmons
6 months ago
3 mins read
Bitcoin price prediction Standard Chartered

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Standard Chartered’s global head of digital assets research, Geoffrey Kendrick, has reaffirmed his standout price forecast for Bitcoin. Kendrick, who envisions BTC hitting $500,000 by 2028, bases his conviction on evidence of increasing institutional involvement — specifically pointing to sovereign wealth funds, state pension funds, and other large-scale investors.

Sovereign Wealth Funds Enter The Bitcoin Fray

According to a new report from Standard Chartered cited by The Block, Kendrick sees growing signs that government-backed investment vehicles are ramping up their interest in Bitcoin. This view is reinforced by Abu Dhabi’s recent disclosure of a 4,700 BTC-equivalent position in BlackRock’s iShares Bitcoin Trust (IBIT) via its sovereign wealth fund.

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“While this is small for now, we would expect the size to increase over time and, indeed, for other sovereigns to also start buying,” Kendrick wrote in the Tuesday report. He explained that Abu Dhabi’s move marks a strategic shift and could presage broader participation from other wealth funds looking to diversify their portfolios with BTC.

Kendrick’s confidence is partly rooted in Form 13F filings — quarterly reports that institutional managers overseeing at least $100 million in assets are required to file with the US Securities and Exchange Commission. Reviewing data from the fourth quarter of 2024, Kendrick noted a compelling trend.

“The 13F filings for Q4 show that process is underway…It is happening,” he said in an email to The Block. In Standard Chartered’s analysis, Q4 data revealed that while hedge funds maintained their lead in Bitcoin purchases, banks — which began buying in Q3 of last year — also ramped up their positions.

Kendrick drew parallels between an earlier stage in Bitcoin’s market evolution, dominated by retail investors, and the more recent era, which saw hedge funds jump aboard through exchange-traded funds (ETFs). Now, the spotlight appears to be broadening further to include state investment managers and central banks.

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“This gives us comfort to say that even if buying by Strategy… [formerly MicroStrategy] slows down dramatically (it has bought a staggering 227k BTC since the US election, more than 1% of the ever-to-exist supply), we think other buyers are waiting to step in,” Kendrick noted.

The mention of MicroStrategy underscores just how significant one private company’s bitcoin holdings can be. Yet Standard Chartered’s analysis suggests that other large, patient pools of capital might absorb future supply, thus supporting higher prices over the long term.

Among the institutions, Kendrick highlights 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 references the Czech National Bank, which has considered allocating up to 5% of its €140 billion in reserves into bitcoin, and notes that the Swiss National Bank is in the early stages of contemplating a similar move. These developments could further bolster bitcoin’s legitimacy as a store of value on par with more traditional asset classes.

“As institutional access to bitcoin improves and volatility declines, we expect more portfolios to migrate towards their optimal level from an underweight Bitcoin starting point,” Kendrick concluded.

At press time, BTC traded at $95,581.

Bitcoin price
BTC price, 1-week chart | Source: BTCUSDT on TradingView.com
Featured image created with DALL.E, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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