Standard Chartered Predicts Bitcoin at $500,000 by 2029

Standard Chartered forecasts Bitcoin reaching $500,000 by 2029, reaffirming its bullish stance amid increasing institutional interest.

The prediction signifies growing confidence in Bitcoin’s role as a hedge, with potential market shifts as volatility decreases.

Bitcoin Reaching $500,000 Backed by SEC Insights

Geoffrey Kendrick, Standard Chartered’s Global Head of Digital Assets Research, has reaffirmed the bank’s prediction for Bitcoin to hit $500,000 by 2029. The analysis is based on SEC data and institutional interest.

Kendrick’s report notes a slowdown in direct Bitcoin ETF buying, with increased governmental interest in indirect Bitcoin holdings through companies like Strategy (formerly MicroStrategy).

Institutional Adoption Fuels Bitcoin’s Surge Past $107,000

The reaffirmed prediction briefly pushed Bitcoin’s price above $107,000. Institutional adoption is seen as a key driver, with sovereign funds exploring alternative vehicles for exposure.

As traditional risk-off assets lose appeal, focus shifts to Bitcoin as an alternative, potentially impacting investment strategies in the finance sector.

Bitcoin’s Role as Digital Gold Gains Traction

Compared to past bullish predictions, Standard Chartered’s stance remains consistent. The concept of Bitcoin as digital gold aligns with investor interest in hedging against traditional risks.

Potential outcomes include increased institutional allocation as volatility diminishes. Historical trends suggest a steady growth in Bitcoin’s adoption as a mainstream asset. Geoffrey Kendrick, Global Head of Digital Assets Research at Standard Chartered, stated,

“As more investors gain access to the asset and as volatility falls, we believe portfolios will migrate towards their optimal level from an underweight starting position in BTC.”