Standard Chartered Bank: Sovereign wealth funds accelerate allocation to BTC, maintaining the prediction that Bitcoin price will reach 500,000 USD by 2028

ChainCatcher News, according to The Block, Standard Chartered Bank's Global Digital Assets Research Director Geoffrey Kendrick released a new report indicating that institutional investors are accelerating their entry into the Bitcoin market. Q4 13F filings show that besides hedge funds maintaining dominant buying power, banks have significantly increased their purchasing strength.

The Abu Dhabi sovereign fund already holds about 4,700 equivalent Bitcoins in BlackRock IBIT ETF and is expected to further expand its scale. Kendrick stated that the Czech central bank is considering allocating 5% of its €140 billion reserves (about €7 billion) to Bitcoin; the Swiss central bank is also in the early stages of investing in Bitcoin.

As institutional access thresholds decrease and volatility decreases, more institutional portfolios will gradually reach optimal allocation levels from underweighting bitcoin. Kendrick maintains his prediction for a $500k price for Bitcoin by 2028.