The global head of digital assets research at Standard Chartered, Geoffrey Kendrick, has maintained his prediction that Bitcoin could reach $500,000 by 2028. Kendrick believes that the increasing involvement of institutions, including sovereign wealth funds and state pension funds, will drive the price of Bitcoin higher. He references Abu Dhabi's recent disclosure of a Bitcoin position via its sovereign wealth fund as evidence of growing interest from government-backed investment vehicles. Kendrick's confidence is also supported by Form 13F filings, which show that banks have been ramping up their Bitcoin positions alongside hedge funds. He suggests that this broadening institutional participation will support higher prices for Bitcoin in the long term. Kendrick points to potential participants such as the State of Wisconsin Investment Board, the State of Michigan Department of the Treasury, and central banks like the Czech National Bank and the Swiss National Bank.



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