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Forecast by Standard Chartered: Bitcoin May Reach $500,000 by 2029

Forecast by Standard Chartered: Bitcoin May Reach $500,000 by 2029

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by Giorgi Kostiuk

20 days ago


A recent forecast from Standard Chartered indicates Bitcoin could reach $500,000 by 2029. This prediction is based on increasing interest from institutional investors and market shifts.

Bitcoin Price Forecast

Standard Chartered, led by Geoffrey Kendrick, anticipates Bitcoin reaching the $500,000 mark based on institutional interests and market analyses.

Institutional Investments

Sovereign wealth funds have significantly increased their holdings in MicroStrategy shares, which serve as a proxy for Bitcoin, bypassing direct purchases of the asset. This trend highlights the growing institutional embrace of crypto assets.

Government entities increased their holdings of Strategy Incorporated (MSTR), which typically trades like a Bitcoin proxy. Entities in Norway, Switzerland, and South Korea reported significant MSTR increases, and Saudi Arabia added a very small position for the first time.Geoffrey Kendrick, Global Head of Digital Assets Research, Standard Chartered

Market Reactions

Market reactions indicate increased interest among sovereign wealth funds and institutions seeking indirect exposure to Bitcoin. Regulatory filings substantiate these trends, confirming the allocations detailed by Standard Chartered.

Standard Chartered's forecasts underscore Bitcoin's growing role as a strategic asset. The continued development of institutional investments may significantly impact the market landscape and approaches to crypto assets.

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