Standard Chartered Bank: Sovereign Wealth Funds Accelerate Bitcoin Allocation, Maintaining Prediction of Bitcoin Price Reaching $500000 by 2028

According to The Block, after Abu Dhabi recently invested in BlackRock's Bitcoin ETF, Geoffrey Kendrick, head of global digital asset research at Standard Chartered Bank, expects more sovereign wealth funds to enter the market. Kendrick also stated, "The 13F filing for the fourth quarter shows that this process is ongoing." The 13F form is a quarterly report submitted to the SEC by institutional investment managers managing at least $100 million in assets. Kendrick analyzed the fourth quarter data in the 13F file and stated in a new report released on Tuesday that these data are "very encouraging" for his recent prediction that Bitcoin may reach $500000 in 2028. Kendrick said in the report, "Although hedge funds dominated purchases again in the fourth quarter of last year, bank purchases (since the third quarter of last year) were also very strong. More importantly, Abu Dhabi's sovereign wealth fund reported holding positions equivalent to 4700 bitcoins in BlackRock's IBIT ETF. Although the current quantity is still small, we expect it to increase over time, and indeed, other sovereign countries will also begin to purchase it. This gives us confidence to say that even if Strategy's purchasing speed slows down significantly, we believe there are still other buyers waiting to enter the market