So, Standard Chartered’s very own digital asset guru, Geoffrey Kendrick, is back at it again with his crystal ball, predicting that Bitcoin will hit a whopping $500,000 by 2028. I mean, who doesn’t love a good fortune-telling session? 📈🔮
According to Kendrick, this lofty prediction is based on the fact that institutional investors are finally waking up from their long naps and are starting to show interest in Bitcoin. You know, like how I show interest in pizza at 2 AM. 🍕
Government Funds: The New Bitcoin BFFs
In a report that sounds like it was written during a caffeine-fueled brainstorming session, Kendrick points out that sovereign wealth funds are diving into the Bitcoin pool. And guess who’s leading the charge? Abu Dhabi, with a casual 4,700 BTC-equivalent position in BlackRock’s iShares Bitcoin Trust. Because why not? 💸
“Sure, it’s small now,” Kendrick says, “but just wait! It’s like a toddler with a piggy bank; it’s only going to get bigger.” He believes this is just the beginning of a trend where other wealthy nations will also start throwing their money into the Bitcoin bonfire. 🔥
Now, Kendrick’s confidence isn’t just based on wishful thinking. He’s been digging through Form 13F filings like a kid in a candy store, and guess what? The data shows that hedge funds are still leading the Bitcoin buying spree, while banks are finally joining the party. 🎉
“It’s happening, folks!” Kendrick exclaimed in an email, probably while wearing a party hat. He’s drawing parallels between the early days of Bitcoin, when it was all about retail investors, and now, when hedge funds are strutting in like they own the place. 💃
Even if MicroStrategy decides to take a breather (they’ve bought a jaw-dropping 227k BTC since the last election), Kendrick believes there are plenty of other buyers lurking in the shadows, ready to pounce. It’s like a game of hide and seek, but with billions of dollars. 💰
He’s also keeping an eye on the State of Wisconsin Investment Board and the State of Michigan Department of the Treasury. And let’s not forget about central banks! The Czech National Bank is considering putting 5% of its €140 billion reserves into Bitcoin. Talk about a bold move! 💪
As institutional access to Bitcoin improves and the wild price swings start to calm down, Kendrick predicts that more portfolios will start to look like they actually belong in 2023, rather than a 2017 throwback. 🕶️
At press time, BTC was trading at a cool $95,581. So, if you’re thinking about investing, maybe grab a snack first. You might need it for the rollercoaster ride ahead! 🎢
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2025-02-19 03:41