Bitcoin to $500K by 2029? Standard Chartered Makes Bold Prediction

Standard Chartered has predicted that Bitcoin could reach $500,000 by 2029, before the end of Donald Trump's term, driven by growing institutional and governmental interest. This forecast is based on the observation that institutions and governments are increasingly gaining exposure to Bitcoin through indirect investments, such as shares in MicroStrategy. Geoffrey Kendrick, Standard Chartered’s Global Head of Digital Assets Research, notes that government bonds are becoming less reliable as safe-haven assets due to rising yields, which is pushing investors towards alternative assets like Bitcoin.

Kendrick highlighted that institutional portfolios are expected to increase their Bitcoin holdings as the cryptocurrency becomes more accessible and less volatile. Recent SEC filings indicate a rise in indirect Bitcoin holdings, reinforcing this expectation. This shift reflects a growing confidence in Bitcoin as a response to the declining appeal of government bonds amidst broader macroeconomic uncertainties.

In conclusion, Standard Chartered envisions Bitcoin transitioning into a mainstream institutional asset, fueled by demand from both private and sovereign investors seeking alternatives to traditional government bonds . This increasing adoption could potentially drive Bitcoin's price to $500,000 within the next few years