Standard Chartered Bank has reiterated its bold forecast that Bitcoin (BTC) will hit $500,000 by 2028, highlighting significant institutional and government interest as a key driver behind this optimistic outlook. The bank's Global Head of Digital Assets Research, Geoffrey Kendrick, points to increasing adoption by a diverse set of institutional investors and sovereign entities, including significant holdings by government-related funds and state-owned banks.
This reaffirmation follows recent U.S. Securities and Exchange Commission (SEC) filings which show broad-based institutional purchases of Bitcoin, contributing to reduced volatility and a more stable investment environment. Notably, 12 government entities increased their exposure to MicroStrategy (MSTR) shares, a company that holds approximately 576,000 Bitcoin, reflecting indirect but expanding government involvement in the crypto space where direct Bitcoin holdings may be restricted by local regulations.
Kendrick emphasizes Bitcoin's evolution from a speculative tech asset to a macro hedge, underpinned by strategic institutional inflows that are expected to sustain long-term demand and price appreciation. Key government investors include South Korea’s National Pension Service, the Swiss National Bank, U.S. state retirement funds, Swedish pension funds, the Saudi Central Bank, and others, all signaling growing confidence in Bitcoin's market role.
Moreover, Standard Chartered links the price target to supportive regulatory developments anticipated during Donald Trump’s presidential term, such as the repeal of SAB 121 and the establishment of strategic Bitcoin reserves, which are expected to further facilitate investor access and demand.
In summary, the combination of robust institutional adoption, increasing sovereign exposure, and evolving regulatory frameworks leads Standard Chartered to maintain its high Bitcoin price forecast, signaling strong potential for both near-term and long-term growth in the cryptocurrency market.