Geoffrey Kendrick, Standard Chartered’s global head of digital assets research, expects more bitcoin investments from sovereign wealth funds.

This follows Abu Dhabi’s sovereign wealth fund disclosing a 4,700 BTC position in BlackRock’s bitcoin ETF.

Q4 filings to the US Securities and Exchange Commission (SEC) show institutional investors increasing bitcoin purchases, with hedge funds leading acquisitions and banks showing growing interest since Q3.

Bitcoin demand has evolved from retail investors to hedge funds during ETF launches and now to sovereign wealth funds.

Kendrick anticipates further involvement from state pension funds and even central banks, citing potential interest from groups like the State of Wisconsin Investment Board.

Standard Chartered predicts bitcoin could hit US$500,000 by 2028, driven by improved institutional access and reduced volatility.

Recent Standard Chartered developments