Standard Chartered Bank Analyst: Optimistic about Bitcoin's Long-term Growth Potential

ChainCatcher news, Standard Chartered Bank analyst Geoff Kendrick stated that if regulatory changes improve investor access and volatility decreases, Bitcoin may attract new buyers over time.

The U.S. SEC's data on Bitcoin purchases in the fourth quarter is "very encouraging." Although hedge funds once again dominated the buying, bank purchases were also strong. A sovereign wealth fund in Abu Dhabi reported holding a position equivalent to 4,700 Bitcoins in BlackRock's iShares Bitcoin ETF. He noted, "While this is currently a small scale, it is expected to increase, and other sovereign funds may also start buying." It is anticipated that Bitcoin will reach $500,000 before Trump leaves office in 2029.