Standard Chartered’s Geoffrey Kendrick, a big name in digital asset research, is sticking to his bold prediction: Bitcoin will hit $500,000 by 2028. He’s not just guessing; he points to some serious evidence.
Institutional Investors are Jumping In
Kendrick sees a huge shift happening: government-backed investment groups are getting seriously interested in Bitcoin. A prime example? Abu Dhabi’s sovereign wealth fund now holds a chunk of BlackRock’s Bitcoin trust – a small amount now, but Kendrick expects this to grow, and other governments to follow suit. This isn’t just speculation; it’s a strategic move, diversifying their portfolios with Bitcoin.
The Numbers Don’t Lie
Kendrick’s confidence is backed up by hard data from quarterly reports (Form 13F filings) filed by big institutional investors. The fourth quarter of 2024 showed a clear trend: hedge funds are still big players, but banks are also significantly increasing their Bitcoin holdings. He sees this as a repeat of Bitcoin’s history: first retail investors, then hedge funds, and now, it’s the governments’ turn. Even if MicroStrategy (a company that already owns a massive amount of Bitcoin) slows down its buying, Kendrick believes there are plenty of other buyers ready to step in.
Beyond Hedge Funds: Governments and Central Banks
Kendrick isn’t just talking about hedge funds and banks. He highlights specific examples like the Wisconsin and Michigan state investment boards. Even more exciting, some central banks are considering adding Bitcoin to their reserves! The Czech National Bank is looking at allocating up to 5% of its massive €140 billion reserves, and the Swiss National Bank is exploring similar options. This shows Bitcoin gaining legitimacy as a serious asset, comparable to traditional investments.
The Bottom Line
Kendrick believes that as Bitcoin becomes more accessible to institutions and less volatile, more investors will increase their Bitcoin holdings. This, he argues, will drive the price up significantly. At the time of this writing, Bitcoin was trading around $95,581.
