Standard Chartered: More sovereign wealth funds expected to enter Bitcoin market

Standard Chartered’s global head of digital assets research, Geoffrey Kendrick, predicts more sovereign wealth funds will invest in Bitcoin following Abu Dhabi’s recent stake in BlackRock’s Bitcoin ETF, according to The Block. Analyzing Q4 2023 13F filings, Kendrick noted strong Bitcoin buying by banks alongside hedge funds, signaling growing institutional interest. He expects sovereign wealth funds and state pension funds to increase Bitcoin allocations, with central banks also considering investments. Kendrick maintains his forecast that Bitcoin could reach $500,000 by 2028 as institutional adoption expands and market volatility declines.