Standard Chartered Doubles Down On $500K Bitcoin Target, Citing 'Wider Range Of Institutional Buyers'

Standard Chartered has suggested it is more confident in its $500,000 Bitcoin price prediction.
Standard Chartered Global Head of Digital Assets Research Geoffrey Kendrick highlighted that 13F data showed that several government entities increased MicroStrategy exposure in Q1.
The $500,000 price point is symbolic for several Bitcoin proponents.

Ambitious price predictions are commonplace in the world of cryptocurrencies, but they do not often come from prominent traditional financial institutions. Analysts at Standard Chartered predicted in February that Bitcoin would exchange hands for a staggering $500,000 per coin by 2028, reasoning that the supportive regulatory environment created by the Trump administration would improve access to the asset and bolster demand. Fast-forward three months, and the British multinational bank is doubling down.

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‘A Wider Range Of Institutional Buyers’

Standard Chartered has suggested in a Tuesday note that it is more confident in its $500,000 Bitcoin price prediction following recent 13F filings with the Securities and Exchange Commission.

13F filings are quarterly reports that institutional investment managers with over $100 million in assets are required to file with the SEC.

“The latest 13F data from the US Securities and Exchange Commission supports our core thesis that Bitcoin will reach the USD 500,000 level before Trump leaves office as it attracts a wider range of institutional buyers,” Standard Chartered Global Head of Digital Assets Research Geoffrey Kendrick wrote.

Kendrick said that the recent filings appeared “disappointing at first glance” as the State of Wisconsin Investment Board revealed that it had dumped its 3,400 BTC-equivalent holdings in BlackRock’s spot Bitcoin exchange-traded fund the iShares Bitcoin Trust ETF IBIT. At the same time, Abu Dhabi sovereign wealth fund Mubdala Investment Company only bumped up its 4,700 BTC-equivalent holdings in IBIT to 5,000 BTC

But while Bitcoin ETF ownership data disappointed, MicroStrategy MSTR holdings data “was very encouraging,” Kendrick said. MicroStrategy is a business intelligence firm turned Bitcoin treasury company widely regarded as a proxy for the leading digital asset.

Kendrick highlighted that 13F data showed that several government entities increased MicroStrategy exposure in Q1. These include Norway’s Government Pension Fund, the Swiss National Bank and South Korea’s National Pension Service and Investment Corporation, which each increased their holdings by an equivalent of 700 BTC.

U.S. retirement funds in California, Kentucky, New York and North Carolina also added a combined 1,000 BTC-equivalent shares to their holdings. Meanwhile, France’s investment arm Caisse des Dépots et Consignations and the Saudi Central Bank dipped their toes for the first time with 2,404 shares worth $692,000 and 89 shares worth $25,600, respectively.

“We believe that in some cases, MSTR holdings by government entities reflect a desire to gain Bitcoin exposure where local regulations do not allow direct BTC holdings,” Kendrick noted, adding, “MSTR holdings point to widening structural demand.”

The $500,000 price point is symbolic for several Bitcoin proponents and not just because it is a very large number.

A ‘Mature’ Bitcoin

In November, Bitwise investment chief Matt Hougan said the $500,000 price point marked the point where Bitcoin would be “mature.” He explained that a mature Bitcoin would share gold’s $20 trillion market cap equally, which is how he arrived at the figure.

“Until then, it’s still early,” he wrote at the time.

SkyBridge Capital founder Anthony Scaramucci expressed a similar sentiment last week. He said Bitcoin would be considered an asset class when it hit $500,000.

At last look, Bitcoin is trading at $106,000, up roughly 1% on the day.

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