Standard Chartered, an $870 billion asset manager, anticipates a growing trend of sovereign wealth funds entering the Bitcoin market. This forecast follows Abu Dhabi’s sovereign wealth fund’s recent investment in BlackRock’s iShares Bitcoin Trust (IBIT) ETF.
Geoffrey Kendrick, global head of digital asset research at Standard Chartered, believes that an analysis of Q4 filings indicates this process is already underway. Kendrick also added that increased institutional adoption and decreased market volatility could see Bitcoin reach $500,000 by 2028.
Several sovereign wealth funds, including those of Norway, Singapore, Saudi Arabia, and Canada, have already invested in Bitcoin. With former US President Donald Trump signing an executive order to create the United States’ first sovereign wealth fund, many expect the country to follow suit.
