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Standard Chartered has suggested it is more confident in its $500,000 Bitcoin price prediction.
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Standard Chartered Global Head of Digital Assets Research Geoffrey Kendrick highlighted that 13F data showed that several government entities increased MicroStrategy exposure in Q1.
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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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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 (NASDAQ: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
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But while Bitcoin ETF ownership data disappointed, MicroStrategy (NASDAQ: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.
